Russian stocks may open upwards continuing positive trend

MOSCOW, Jul 10 (PRIME) -- Russian stocks may open higher on Tuesday as local bulls are inspired by a favorable external background in the morning, analysts said.

“The external background prior to the start of today’s trade allows the market to hit new records and pave the way to 2,380 (of the MOEX Russia Index). It looks like the market still fears no records as it climbs up,” Anna Bodrova, an analyst at Alpari, said.

Anton Startsev, a senior analyst at investment company Olma, said that the U.S. stock index futures edged up in the morning, the Asian stocks traded in the green zone and the European indices closed with an increase on Monday.

“Technical indicators signal an upward, albeit relatively weak, trend of the RTS index, but it may hit resistance close to 1,200. The foreign markets are moderately favorable, but the DXY U.S. dollar’s index against the basket of the world’s currencies has stopped its fall, which may become a cooling factor for demand at the emerging markets in the short term,” Startsev said.

Anastasia Sosnova, an analyst at investment company Freedom Finance, said that the lack of escalation of the U.S.–China trade conflict made investors focus more on financial reports and macro statistics, which they expect to be good.

“The market players are waiting for new statements from U.S. President Donald Trump who plans to come to Europe. A meeting between Russian President Vladimir Putin and Trump was scheduled for July 16 in Helsinki, which points to easing geopolitical tensions between the countries. This provides additional support to the Russian stock market,” Sosnova said.

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