Russian stocks may show small increase at opening

MOSCOW, Nov 10 (PRIME) -- The Russian stock market is still in tune for growth and may open with a slight increase after yesterday’s sales and amid the moderately negative foreign background, analysts said.

“The Russian stock market has a short-term potential for a correctional upward rebound,” Vitaly Manzhos, senior risk manager at investment company Algo Capital, said.

The market was oversold on Wednesday and this fact provides for hopes that the MOEX Russia Index will avoid a further strong decline in the moment of the market’s opening, he added.

Head of Alor Broker’s investment consulting department Alexei Antonov said that “if the oil prices start to recover they are likely to drag up the Russian stock market as the market’s trend remains ascending.”

The decrease of oil prices was one of the reasons of sales on Wednesday, he said. In the morning oil is trading at U.S. $92 per barrel.

The external background before the opening of the Russian market is moderately negative. China’s Shanghai Composite fell 0.8% and Japan’s Nikkei225 fell 1.0%, while the futures of the U.S. stock indices rose within 0.2–0.5%.

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