Russian stocks may grow on stable oil, favorable background

MOSCOW, Jun 21 (PRIME) -- Russian stocks may open flat or grow at the opening on Tuesday supported by stable oil prices and an overall favorable foreign background, analysts said.

“We expect the Russian stock market to open neutrally-positively at the level of 1,900–1,905 at the MICEX index, assuming that amid a favorable foreign background this stock indicator may try to continue its growth,” Oleg Shagov, head of investment company Solid’s analytical department, said.

The influence of the key factors that have a significant impact on the behavior of the Russian stock market is moderately positive today at the beginning of the day, he said.

Brent oil futures maintain above the psychologically important level of U.S. $50 per barrel on reports about Saudi Arabia’s decreased oil exports, weakened U.S. dollar, and expectations of a further decrease of the U.S. oil reserves.

The leading U.S. stock index futures are increasing and main Asian stock indicators are mostly growing.

Global oil prices, the behavior of Western stocks, and the ruble dynamics will be the key drivers for the Russian stock market. Investors will also follow statements by the European Central Bank’s Chairman Mario Draghi and the U.S. Federal Reserve System’s Chairwoman Janet Yellen later in the day.

The stock market growth can slow in the near future ahead of the referendum on the U.K. withdrawal from the E.U. scheduled for Thursday, Olma senior analyst Anton Startsev said.

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