Russian stocks may rise slightly on US tax reform hopes

MOSCOW, Nov 17 (PRIME) -- The Russian stock market can open with a marginally positive gap on Friday on the back of bullish expectations on the U.S. tax reform, while oil price fluctuations will be a limiting factor, analysts said.

“Continuation of an emerging upward trend in the RTS, following global stock market indices, is possible today at the start of the trade. Western stock markets investors feel a certain optimism about the U.S. tax reform, a plan was approved by the House of Representatives of the Congress yesterday. Besides, the situation on the oil market remains hazy which makes it impossible to speak about a stable rise of the RTS,” Anton Startsev, senior analyst at investment company Olma, said.

According to Oleg Shagov, head of investment company Solid’s research department, the external background for the start of the trade is neutral.

Brent futures were traded at about U.S. $61.2 per barrel, remaining under pressure as investors are waiting for U.S. drilling activity data. U.S. stock market futures are slightly falling, the key Asian indices are mixed, premarket of the European trading session signals little changes at the start of the session later in the day.

The MICEX is expected to open at 2,130–2,135, Shagov said.

ALROSA and Rusagro are expected to release their financials on Friday, which according to Shagov will be the most expected corporate events.

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