Russian stocks may rise as high oil price supports local shares

MOSCOW, Aug 30 (PRIME) -- The Russian stock market is likely to edge up on Thursday backed by strengthening crude prices, analysts said.

“We expect the MOEX Russia index to open significantly higher, by around 0.5% to 2,360… The benchmark may continue increasing to a 2,370 mark due to… a considerable rise of oil futures on Wednesday,” Vitaly Manzhos, senior risk manager at investment company Algo Capital, said.

He also said that the U.S. and Asian stock markets look mixed.

Olma senior analyst Anton Startsev said that from the technical analysis point of view, the RTS index is unlikely to leave the current consolidation range as the dynamics of global stock indices demonstrate a lack of investor interest in emerging markets.

Analyst at Freedom Finance Anastasia Sosnova said that rising oil prices may ensure further growth on the Russian market despite low trade volumes.

Investors will also follow publication of International Financial Reporting Standards (IFRS) financial results for January–June and April–June by multi-industry holding Sistema, power company Mosenergo and real estate developer PIK Group among other corporate events.

End