Russian stocks may rise encouraged by positive environment

MOSCOW, Mar 31 (PRIME) -- The Russian stock market may edge up at the opening on Tuesday, and the MOEX Russia Index may rise above 2,500 during the day thanks to a moderately positive external background, analysts said.

“The Russian stock market is likely to open with slight growth, and will later follow the U.S. benchmarks futures… The external environment is encouraging cautious purchases,” Alor Broker analyst Alexei Antonov said.

Crude prices have bounced back from many years’ lowest with the (Brent) May futures seen at around U.S. $27 per barrel, although there are no reasons for the commodity to break through a $30 mark yet, Antonov also said.

Vitaly Manzhos, senior risk manager at investment company Algo Capital, expects the MOEX Russia Index to open 0.5–1.5% higher within the 2,450–2,470 range.

Antonov sees careful, but strong investors’ willingness for purchases, which may drive the MOEX Russia Index above the upper limit of the 2,279–2,500 consolidation range.

Oil major Rosneft may outperform the market after its exit from Venezuela.

Investors will also follow publication of oil company Tatneft’s IFRS financial results for 2019 among other corporate events.

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