Russian stocks may rise as global mkt tries to restore from slump

MOSCOW, Jul 12 (PRIME) -- Russian stocks may grow on Thursday morning as the external background is favorable while the global floors are trying to regain some ground after Wednesday’s losses, analysts said.

“Despite the slump of oil prices on Wednesday evening, the foreign background has once again become positive in the morning, as futures for the U.S. stock indices grow, the Asian markets rise, and oil prices trade above U.S. $74 per barrel in an upward rebound,” Ivan Marchena, an analyst at Forex Club group of companies, said.

Anton Startsev, a senior analyst at investment company Olma, said that the Brent oil price lost almost 7% on Wednesday after the U.S. announced plans to expand its import duties on Chinese goods, which also prompted sales in positions at all stock markets of the world. Commodity traders saw the threat of escalation as a potentially negative factor for demand for crude.

“But today the RTS index may rise at the start of trade as yesterday’s reaction to strengthening of barriers of the U.S.–China external trade was too nervous. Still, the world markets are in a highly volatile state, so consistent growth is unlikely now,” Startsev said.

But Vitaly Manzhos, a senior risk manager at investment company Nord Capital, said that the morning growth of oil prices was only a weak technical rebound from a massive Wednesday loss, so local players are likely to price in the slump on Thursday morning.

“We expect the MOEX Russia Index to open with a moderate decrease of about 0.3% close to 2,330. The levels of 2,310 and 2,300 will act as support, while 2,340 and 2,350 will remain significant resistance,” Manzhos said.

He also said that the U.S. would release a large block of macro statistics later in the day, and that the Russian market would track weekly data on jobless claims in the country.

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