Russian stocks may rise supported by favorable environment

MOSCOW, Dec 18 (PRIME) -- The Russian stock market may increase at Monday opening and consolidate during the day amid moderately positive global environment and a lack of drivers for strong growth, analysts said.

“We expect the Russian market to open (slightly higher) at around 2,145 of the MOEX Russia Index and believe the benchmark may try to win back its Friday losses,” Oleg Shagov, head of investment company Solid’s research department, said.

Shagov also said the external background looks moderately positive with the key U.S. indices futures and Asian markets trading in the green territory, and with Europe’s market likely to open higher as well.

Investment company Nord Capital said the MOEX Russia Index will probably consolidate around 2,150 during the day because it will need a strong global support to continue an upward movement.

Olma senior analyst Anton Startsev agreed that the global background is favorable though the technical analysis demonstrates that it is early to expect a New Year rally on the domestic market.

The market may also be driven by a decision of fertilizer producer Uralkali’s shareholders on delisting from Moscow Exchange, discussion of gas giant Gazprom’s development strategy until 2022 by the board of directors, and a release of financial results by power producer RusHydro.

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