Russian stocks may slightly grow at opening after recent sales

MOSCOW, Jul 5 (PRIME) -- The Russian stock market may open with a small rise on Tuesday amid the favorable external background in an attempt to rebound after recent sales, analysts said.

“The market may make another attempt to recover today. … It may be provided by high oil prices, as well as a drop of intensive sales in Gazprom’s shares, which were falling three sessions in a row,” senior analyst at financial platform Banki.ru Bogdan Zvarich said.

“Some investors may see the current levels in these stocks as attractive for long-term portfolio purchases and it may compensate for pressure from sellers,” he added.

Finam analyst Ksenia Lapshina expects the Russian stock indices to open “with a small increase.” “The MOEX Russia Index was literally frozen at the notch of 2,200 points over the last two trading days, and we do not rule out a technical rebound from the support level.” She added that the external background is favorable for the local stocks.

Senior risk manager at investment company Algo Capital Vitaly Manzhos said the external background may be described as “mixed or unclear,” which creates conditions for the MOEX Russia Index’s opening with a moderate variation.

Zvarich said that the global stocks floors show moderately positive dynamics prior to the start of Russia’s trading session. The Asian bourses are mostly rising within 1.6%, except China’s fall of 0.5%. The U.S. main stock futures are gaining 0.4%. The Brent’s price is about U.S. $113.5 per barrel.

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