Russian stocks may grow on rising oil, neutral background

MOSCOW, Jul 25 (PRIME) -- Russian stocks may increase at the opening on Tuesday on the back of oil prices growing amid Saudi Arabia’s intention to cut oil exports, analysts said.

“We expect the Russian stock market to open at around 1,930–1,935 points at the MICEX index, assuming that this stock indicator will continue fluctuations around the current levels reacting to permanent changes of the foreign background,” Oleg Shagov, head of investment company Solid’s research department, said. On Monday, the MICEX closed at 1,931.75.

The ultimate influence of key external factors that have a significant impact on the Russian financial market is close to neutral today, the analyst said.

Brent oil futures are fluctuating around U.S. $48.9 per barrel having grown on the back of Saudi Arabia’s statements about intention to reduce the volume of oil exports in August and forecasts of a further reduction of the U.S. oil reserves.

The leading U.S. stock index futures are slightly decreasing, while Asian stock indicators are not showing single dynamics.

Investors will focus their attention at a two-day meeting of the U.S.’ Federal Reserve, which is unlikely to bring surprises, Shagov said. Among Russian corporate events that can affect the market, investors will follow publication of precious metals producer Polymetal’s operating results.

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