Russian stocks may grow supported by foreign background

MOSCOW, Nov 3 (PRIME) -- Russian stocks may increase at the opening on Tuesday supported by a slight improvement of a foreign background, analysts said.

“We expect the Russian stock market to open with an increase of the RTS index and at around 1,735 points at the MICEX index,” Oleg Shagov, head of the research department at investment company Solid, said. In the near future, the MICEX may again try to break through the resistance zone of 1,740–1,750 points, he said.

“Some improvement of foreign background may provide support to stocks at the start of trading, but a noticeable revival looks unlikely taking into account an upcoming day-off,” Anton Startsev, a senior analyst at Olma, said. On Wednesday, there will be no trading in Russia, as the country will celebrate the Unity Day.

Promsvyazbank analyst Ilya Frolov also believes that the growth of markets may be limited by the upcoming holiday, which may reduce trading activity and lead to profit taking by the end of the day.

The influence of the key factors that significantly affect the Russian financial market is close to neutral at the start of the day, Brent oil futures are trading close to U.S. $49 per barrel, Shagov said. The U.S. stock index futures are slightly changing, while main Asian stock indicators mostly demonstrate weak positive dynamics.

End