Russian stocks may rise backed by growth of global floors, oil

MOSCOW, Feb 5 (PRIME) -- Russian stocks are projected to increase at the opening on Wednesday backed by favorable dynamics of Western stock exchanges and growing oil prices, analysts said.

“The foreign background before the start of trading is relatively positive. Commodity contracts are growing and Asian markets are rising… The start of the day on the Russian market may be positive with growth within 0.5%,” Otkritie Broker analyst Andrei Kochetkov said.

Olma senior analyst Anton Startsev said the U.S. stock indices rose by 1.4–2.1%, the U.S. stock index futures are trading slightly below the level of Tuesday’s close, European indices closed in plus, and Asian indices continue to grow.

“The foreign background before the opening of trading is relatively favorable, which implies the possibility of continuing the emerging increase of the RTS index,” he said.

Investors will follow publication of Magnitogorsk Iron and Steel Works’ (MMK) results for 2019 under International Financial Reporting Standards (IFRS), among other corporate events.

End