Russian stocks may rise on better background, high oil prices

MOSCOW, Dec 12 (PRIME) -- The Russian stock market is likely to open higher on Thursday, supported by the encouraging sentiment on the global markets, analysts said.

“We saw the MOEX Russia Index breaking through the upper limit of a sideway band at 2,960 as a basic scenario in the previous days. Today there are all chances to implement the scenario. The next local guidelines have moved to the record highs of 3,000–3,010,” Director of BCS Broker’s stock market experts department Vasily Karpunin said.

The MOEX Russia index is likely to edge up around 0.55% at the opening, and the blue chips may outperform the market later in the day, he added.

Olma senior analyst Anton Startsev said that the RTS index may continue growing thanks to investors’ careful optimism after the U.S. Federal Reserve head announced possible plans to expand buyback of short-term treasuries.

Karpunin also said that the external environment looks positive with the U.S. indices futures demonstrating a slight advance, Asian benchmarks trading in the positive territory, and the Brent crude price rising 0.4%.

In Russia, investors may also be interested in oil company Lukoil’s decision on interim dividends for 2019 and hydropower giant RusHydro’s IFRS results for July–September and January–September.

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