Russian stocks may rise on positive crude, gas dynamics

MOSCOW, Oct 5 (PRIME) -- The Russian stock market may rise at the opening on Tuesday amid positive crude oil and gas prices dynamics, as well as benignly ambiguous external background, analysts said.

The external background is mixed in the morning. The U.S. indices remain at approximately the same levels as on Monday. Asian markets are trading mostly in the negative territory prior to the Russian opening. Brent crude is up 0.4% at U.S. $81.6, Vasily Karpunin, head of BCS Financial Group’s analysis team, said.

“We can assume that if the current background remains, the opening of the MOEX Index will be slightly above Monday’s closing level,” Karpunin said.

Algo Capital analysis team headed by Vitaly Manzhos expects the MOEX index to open with a moderate deviation within 0.1–0.3%, in the range of 4,100–4,125 points.

“After the opening … the Moscow Exchange with the big share of probability will pass to the consolidation state. … In the second half of the day the Russian trading participants will be habitually guided by the dynamics of oil futures and the nature of opening of the stock market in the U.S.,” Algo Capital analysts said.

According to the ICE Futures data, gas futures prices in Europe hit a new record high, exceeding $1,200 per 1,000 cubic meters for the first time. It may further support the Russian stock market and some corporate stories during the day.

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