Russian stocks may rise backed by growth of oil, metals prices

MOSCOW, Nov 19 (PRIME) -- The Russian stock market can open higher on Friday and try to bounce back after previous losses thanks to advancing oil and metals prices and rising U.S. indices futures, analysts said.

“I expect the local market to open higher thanks to the U.S. indices futures trading in the positive territory and rising oil prices. There is no much euphoria about the fact, the bears are controlling the situation 100% as far as the RTS index is below the 1,820 mark,” Andrei Vernikov, head of investment analysis department of Investment Group Univer, said.

Alor Broker analyst Alexei Antonov said that the Russian stock market can try to bounce back upwards as the MOEX Russia Index finished the previous day at the lower bracket of the year’s uprising channel.

The U.S. indices futures are growing 0.4%, crude has added around 1%, and all industrial and precious metals are rising, he added.

Antonov also said that in the medium term, relatively deep correction is possible on the local market considering a lack of growth drivers and expectations of further tightening of the central bank’s monetary policy.

Investors can also be interested in power producer Rosseti Lenenergo’s IFRS financial report for July–September.

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