Russian stocks may rise backed by positive foreign background

MOSCOW, Aug 5 (PRIME) -- The Russian stock market is likely to edge up at the opening and be highly influenced by the crude price dynamics later in the day on Friday, analysts said.

“The situation on the energy market incrases pressure on Russian stocks. Purchases can prevail at the beginning of Friday’s trading session, and the MOEX Russia Index can reach the 2,120 mark,” senior analyst at financial supermarket Banki.Ru Bogdan Zvarich said.

“However, a further fall of crude prices may trigger worsening of the sentiments on the stock market, and the MOEX Russia Index can reserve downwards,” he added.

Zvarich sees the global background as positive with the major Asian market rising by up to 0.9% in correction from previous losses linked to the situation in Taiwan, the core U.S. indices futures growing by around 0.3%, and the Brent oil price increasing by 0.4% to almost U.S. $95 per barrel.

Vitaly Manzhos, senior risk manager at investment company Algo Capital, expects the MOEX Russia Index to rise by up to 1% at the opening, within the range of 2,120–2,140, and to advance during the day.

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