Russian stocks may rise backed by oil price growth, rising floors

MOSCOW, Aug 27 (PRIME) -- The Russian stock market may edge up at the opening on Friday to regain previous levels after Thursday’s correction, as it is supported by a favorable external background, analysts said.

“We expect the MOEX Russia Index to grow by 0.2–0.5% at the opening within the 3,860–3,870 range… The benchmark will price in morning’s improvement of the external background. It can rise into the 3,880–3,890 area later in the day,” Vitaly Manzhos, senior risk manager at investment company Algo Capital, said.

Global investors will track the upcoming speech of U.S. Federal Reserve Chair Jerome Powell that is scheduled for the end of the Russian trade session, he added.

Alor Broker analyst Alexei Antonov said that the Russian stock market will regain previous levels after yesterday’s correction thanks to a positive foreign background with the main U.S. indices future rising 0.1%, crude prices adding more than 1%, and advancing industrial and precious metals.

Manzhos added that Asian markets are trading mixed.

Russian traders will also follow April–June IFRS financial results releases by power holdings Inter RAO, FGC UES and Rosseti, oil companies Lukoil and Tatneft, and metals miner Mechel.

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