Russian stocks may rise thanks to positive environment

MOSCOW, Aug 1 (PRIME) -- Russian stocks are likely to open higher on Tuesday supported by the positive external background while some players may try to win back some losses after the initial turbulent reaction to the uncertainty around the new U.S. sanctions against the country, analysts said.

“An upward rebound is possible today in the RTS index, as the first reaction to the uncertainty around the sanctions against Russian companies was relatively nervous, meaning players may regain a part of losses today. Dynamics of oil prices and the condition of the world stock floors allow us to say that the background is positive,” Anton Startsev, a leading analyst at investment company Olma, said.

The Brent oil price gained 0.114% to U.S. $52.78 per barrel as of 9.01 a.m. Moscow time, according to the ICE exchange.

Oleg Shagov, head of investment company Solid’s research department, also said that the background for the Russian stock market is moderately positive with the futures for the U.S. stock indices rising, the Asian floors showing positive dynamics, and the European premarket trading points to a slight growth of European indices early in the day.

“We expect the Russian stock market to open in a 1,930 range of the MICEX index and suppose that the stock indicator will continue the movement up from the support zone of a psychologically important level of 1,900 if the background improves later in the day,” Shagov said.

Startsev said that investors will track a slew of international macro statistics, including the Eurozone’s gross domestic product and business activity indices of European countries, as well as the ISM Manufacturing data for the U.S.

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