Russian stocks may rise at opening on favorable environment

MOSCOW, Aug 17 (PRIME) -- The Russian stock market is likely to advance at the beginning of the trading session on Wednesday thanks to an improving global background, and may demonstrate a further rise later in the day, analysts said.

“We expect the MOEX Russia Index to rise by up to 1% into the range of 2,210–2,230… In the first minutes of trading, the index will mirror the improvement of the external background in the morning,” Vitaly Manzhos, senior risk manager at investment company Algo Capital, said.

Head of PSB Bank’s analysis group Vladimir Solovyov sees the foreign background as slightly positive with Asian markets, U.S. indices futures and main commodities trading higher.

Solovyov expects the MOEX Russia Index to advance to above 2,220 thanks to persisting demand for the blue chips.

Senior analyst at financial supermarket Banki.Ru Bogdan Zvarich projects that the MOEX Russia Index should consolidate above the 2,200 market, and will try to break through the 2,220 mark, which can mark a possibility of further growth into the 2,350 area.

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