Russian stocks may rise backed by oil prices, foreign positive

MOSCOW, May 18 (PRIME) -- The Russian stock market is likely to edge up at the opening on Tuesday in light of a positive external environment, and may continue to rise during the day, analysts said.

“From the technical point of view, the MOEX Russia Index is in the middle of a rising channel, and can hit record highs if the external background remains favorable. There are all prerequisites for such growth today,” Alor Broker analyst Alexei Antonov said.

The U.S. futures are adding around 0.3%, precious and industrial metals are seen higher, and crude is rising 0.5% close to U.S. $70 per barrel, he added.

Vitaly Manzhos, senior risk manager at investment company Algo Capital, expects the MOEX Russia Index to open around 0.1–0.3% higher within the 3,645–3,655 range.

Investors in Russia are also likely to follow a slew of corporate events including a decision on dividends for 2020 by oil company Surgutneftegas, and financial and operating results releases for January–March by Bank Saint Petersburg, diamond maker ALROSA, oil company Gazprom Neft, cell phone operator MTS and power producer Mosenergo.

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