Russian stocks may increase at opening on positive foreign background

MOSCOW, Oct 11 (PRIME) -- The Russian stock market is expected to edge up on Wednesday due to a modestly positive external background, analysts said.

“We expect the Russian market to open (flat) at 2,085-2,090 of the MICEX index and hope to see the benchmark reaching a psychologically important mark of 2,100 if the external background improves,” Oleg Shagov, head of investment company Solid’s research department, said.

Analysts of investment company Nord Capital agreed that the MICEX may try to edge up to 2,100, the closest target and resistance mark.

Olma senior analyst Anton Startsev said that the RTS index is likely to open higher due to softening political threats linked with Catalonia, which has decided to delay the announcement of independence to negotiate with the Spanish government.

Shagov said that the global environment looks neutral with the December Brent crude futures rising to $56.7 per barrel on the back of OPEC’s positive comments and calls for North African shale oil producers to join the rebalancing of the global crude market.

The main U.S. indices futures are seen flat and the biggest Asian markets are rising. The European pre-market trading points to a higher start of trade.

Russian traders will also follow Magnitogorsk Iron and Steel Works (MMK)’s release of operating results for July-September and steelmaker Novolipetsk Steel (NLMK)’s ex-dividend date.

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