Russian stocks may rise on Monday’s momentum, favorable environ

MOSCOW, Jun 2 (PRIME) – The Russian stocks are likely to grow at Tuesday opening building up on the momentum gained on Monday with the background favoring purchases this morning, analysts said.

“Today RTS Index may continue growth at the beginning of trade in spite of the continuous tension in the U.S.–China relations and in spite of riots in some U.S. cities as the external background remains relatively favorable,” investment company Olma’s senior analyst Anton Startsev said.

The U.S. stock indices grew by 0.3–0.7% on Monday, while the futures for the U.S. stock indices shrank. The European stock indices closed higher on Monday, while the Asian floors show mixed dynamics on Tuesday, Starsev said.

“At the same time, the PMI Manufacturing figures for the developed states remained below 50 points in May, which shows contraction of business activity in the producing sector. Economic conditions make people think about stability of the stock market rises,” he said.

Yelena Kozhukhova, analyst at Veles Capital, said that the international market mood was positive at the beginning of the week.

“Nevertheless, the achievement of local peaks by the stock indices are not as smooth as they could have been, and the fundamental factors connected to the U.S. and China point to higher risks. No important statistics are to be released on Tuesday, and the danger of correctional sales is growing,” Kozhukhova said.

But Alor Broker’s senior analyst Alexei Antonov said that the opening of the Russian stock market may be flat as the background for the stocks can be perceived as neutral.

“The futures for the U.S. stock indices ease, while the oil price firms. This is why we expect a neutral opening near the yesterday’s closing,” Antonov said.

The Brent oil price gained 0.731% to U.S. $38.60 per barrel as of 9.00 a.m. Moscow time.

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