Russian stocks may increase as oil prices try to restore

MOSCOW, Dec 15 (PRIME) -- Russian stocks may grow at the opening on Tuesday trying to win back part of earlier incurred losses and with oil prices returning close to U.S. $38 per barrel, analysts said.

“We expect the Russian stock market to open with an increase at the RTS index and at around 1,710–1,715 at the MICEX index, assuming that the Russian stock market may try to win back part of the losses incurred over the last few days,” Oleg Shagov, head of investment company Solid’s analytical department, said. On Monday, the MICEX closed at 1,708.70.

The trading session will likely be volatile due to expiration of contracts on the derivatives market, while the oil price and the ruble rate’s dynamics will be the main drivers for the market, the analyst said.

The influence of the key external factors on the Russia market is moderately positive at the start of the day. Brent oil futures returned to the level close to $38 per barrel after Monday’s drop. The U.S. stock index futures are slightly growing, Shagov said.

“A suspension of a decline is possible today at the start of trading, as speculative sales may weaken ahead of the 2-day meeting of the U.S. Federal Open Market Committee (FOMC),” investment company Olma’s senior analyst Anton Startsev said.

The MICEX will grow around 0.3% at the opening to around 1,715 points, winning back the Monday evening’s improvement of mood on the oil market, Bank Obrazovanie’s senior analyst Vitaly Manzhos said.

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