Russian stocks may rebound as oil prices start to recover

MOSCOW, Jun 23 (PRIME) -- The Russian stock market is likely to open flat on Friday and follow the foreign stock exchanges and petroleum prices higher during the day, analysts said.

“The external background looks neutral today… We expect the Russian benchmarks to consolidate at Thursday’s closing levels in early trade. After the European market opens, bulls will try to take the initiative over and continue recovery,” Finam analyst Bogdan Zvarich said.

He added that oil prices may recover driving the Russian market up.

Alpari senior analyst Anna Bodrova said that the MICEX may get stuck within a 1,825-1,870 range during several days and will need a serious trigger to break through a resistance line at around 1,890.

Olma senior analyst Anton Startsev said that the RTS index may consolidate in the short term, although technical analysis shows that a declining trend is not over yet.

Russian traders will also follow decisions of annual general shareholder meetings of oil company Tatneft, power producers Quadra and Unipro and truck maker Kamaz.

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