Russian stocks may grow on rising oil, neutral background

MOSCOW, Jul 11 (PRIME) -- Russian stocks may slightly increase at the opening on Tuesday backed by moderately growing oil prices, analysts said.

“We expect the Russian stock market to open at around 1,926 points at the MICEX index, assuming that in case of the foreign background’s improvement this stock indicator is capable of continuing its local growth trend that started in the middle of July,” Oleg Shagov, head of investment company Solid’s research department, said. On Monday, the MICEX closed at 1,925.74.

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. $47 per barrel receiving support from forecasts of further reduction of the U.S. oil reserves.

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

Olma senior analyst Anton Startsev said “the foreign background remains moderately favorable prior to the opening of trading, but there are no sufficient grounds for stable growth yet.”

Shagov said the starting season of corporate reports in the U.S. can affect investor moods this week.

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