Russian stocks may moderately grow backed by oil prices

MOSCOW, May 22 (PRIME) -- Russian stocks may increase at the opening on Tuesday amid moderate oil price growth and a mixed foreign background, analysts said.

“We expect a moderately positive opening of the MOEX Russia Index with an increase of around 0.3%, around 2,340 points,” Vitaly Manzhos, senior risk manager at investment company Nord Capital, said. Brent oil futures added 0.2% before the opening, he said.

The U.S. stock indices fell 0.5–1.2%, the U.S. stock index futures are trading slightly above the closing level, European indices closed mixed, and there is some downward correction on Asian indices, Olma senior analyst Anton Startsev said.

“From the position of technical analysis, consolidation of the RTS index in the range of 1,170–1,200 points remains a relevant scenario in the short-term,” Startsev said. Oil price growth stalled after reaching U.S. $80 per barrel, and the situation on foreign stock floors does not give reasons for noticeable movements.

Georgy Vashchenko, director of operations on the Russian stock market at investment company Freedom Finance, said he expects mixed dynamics on Tuesday amid a lack of major events. The MOEX Russia Index range is expected at 2,330–2,360 points, he said.

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