Russian stocks may rise backed by oil price growth

MOSCOW, Aug 22 (PRIME) -- Russian stocks may increase at the opening on Tuesday as oil prices are trying to reach the U.S. $52 per barrel notch, analysts said.

“We believe that Russian stock indices keep growth potential despite remaining geopolitical tensions in the world,” AK BARS Bank analyst Sergei Ksenofontov said.

The U.S. stock indices have slightly increased, European indices have slightly fallen, and Asian stocks are moderately growing before the Russian trade opening.

Olma senior analyst Anton Startsev believes that the consolidation at the RTS index remains the actual scenario in the short term. “Suspension of an earlier outlined growth of prices for energy sources and decreased activity on global stock floors ahead of a meeting of central bank heads in the U.S.’ Jackson Hole do not help to intensify the flow of bids for purchases in the Russian sector of blue chips,” he said.

There are also no grounds for strong movements on the foreign exchange market, the analyst said. Consolidation around the 59 mark for the dollar-ruble pair is possible at the start of trading, Startsev said.

Promsvyazbank analyst Yevgeny Lokhtyukhov said he still expects the MICEX’s attempts to return to over 1,950 points. Demand is likely to remain for the electric power sector and metals giant Norilsk Nickel, he said. On Monday, the MICEX closed at 1,937.66.

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