Russian stocks may rise on higher oil, economic recovery signs

MOSCOW, Nov 24 (PRIME) -- Russian stocks may increase at the opening on Tuesday supported by an oil price growth and statements that economic recession is over, analysts said.

“We expect the Russian stock market to open at around 1,870 points of the MICEX index, which hit its 7-year record high yesterday anew,” Oleg Shagov, head of the research department at investment company Solid, said.

“Optimism of domestic investors was supported by the growth of global oil prices and Economic Development Minister Alexei Ulyukayev saying that economic recession in Russia is over.,”

On Monday, the MICEX closed at 1,868.07.

The influence of the key factors that significantly affect the Russian financial market is close to neutral at the start of the day, the analyst said. Brent oil futures are fluctuating at around U.S. $45 per barrel having grown on Saudi Arabia’s statement that it is ready to stabilize the oil market.

U.S. stock index futures are not changing much ahead of the Thanksgiving Day, and main Asian stock indicators are not showing single dynamics.

The oil price return to $45 per barrel may support the Russian stock market at the opening, but the foreign background still remains moderately negative, and the RTS index consolidating over 900 points is so far quite unlikely, investment company Olma’s senior analyst Anton Startsev said.

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