Russian stocks may rise on stable crude, positive environment

MOSCOW, Jun 5 (PRIME) -- The Russian stock market may edge up at Tuesday’s opening amid a modestly positive global background and consolidation of oil prices, analysts said.

“Investors are unable to take negative news seriously at the moment so the market indices rise despite a potential threat of complications in trade relation between the U.S. and the E.U. Oil has stopped falling and stabilized which gives the stock market another reason for purchases. However, the rally is unlikely to be strong,” Alpari senior analyst Anna Bodrova said.

She added that the MOEX Russia Index may consolidate within a 2,300-2,320 range waiting for new drivers as no reasons to break through a 2,300 resistance level are seen now.

Olma senior analyst Anton Startsev said that the RTS index may continue an upward trend on dividend expectations thanks to a moderately positive external background.

The market will also be driven by a release of International Financial Reporting Standards (IFRS) financial results for January-March by multi-industry holding Sistema, and dividend decisions of the board of director of truck maker GAZ Group.

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