Russian stocks may rise on stable oil, neutral background

MOSCOW, Sep 14 (PRIME) -- Russian stocks may slightly increase at the opening on Wednesday amid a neutral foreign background and stable oil prices ahead of publication of the U.S. oil statistics data, analysts said.

“We expect the Russian stock market to open at the level of 2,005–2,010 points at the MICEX index, assuming that intraday dynamics of this stock indicator will depend on the behavior of oil prices and Western stock indicators, as well as the ruble rate changes and ongoing events,” Oleg Shagov, head of investment company Solid’s research department, said.

Vitaly Manzhos, a senior analyst at Bank Obrazovanie, also expects the MICEX to insignificantly grow to 2,005–2,010 at the opening.

Data on the U.S. oil reserves and production to be released later in the day may become a strong driver for the market movement, Shagov said.

The ultimate influence of key external factors that have an impact on the Russian financial market is close to neutral at the beginning of the day, he said. Brent oil futures are consolidating around the weekly minimums in expectation of the U.S. oil statistics.

The U.S. leading stock index futures are slightly growing after yesterday’s decline, while main Asian stock indicators are mostly demonstrating moderately downward dynamics, Shagov said.

In case the foreign background deteriorates, the MICEX can again test the support zone of 2,000 points, the analyst said.

Olma senior analyst Anton Startsev said that “the technical analysis data leaves a possibility of deepening of the downward correction of the RTS index (which does not rule out a rebound at the start of trading).”

Investors will also follow publication of retailer Dixy’s operating results.

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