Russian stocks may rise at opening amid investors’ mood

MOSCOW, Jun 1 (PRIME) -- The Russian stock market may rise at opening on Thursday on investors’ activity despite of negative global background, analysts said.

“The upward movement remains strong. Technical indicators point to the preservation of the current trend. Aggressive selling of shares on the market is not observed. Investors ignore negative background and it is frightening,” BitRiver financial analyst Vladislav Antonov said.

Oil prices were volatile due to various factors, such as fears of lower demand after weak economic data from China, the expected inaction of OPEC+ at their June 4 meeting and rising oil inventories, the analyst said.

If buyers fail to protect the support level at U.S. $72, there could be a significant drop in prices to $65 per barrel, he added.

According to PSB Bank senior analyst Yegor Zhilnikov, in case oil quotations recover, the dollar-ruble pair has a potential to reach 80 rubles.

A monthly limit of 1 billion dollars for the residents to buy currency inside the country for the deals with the outgoing foreign companies will allow avoiding market volatility and preventing a sharp weakening of the national currency, he also said.

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