Russian stocks may slightly rise on neutral foreign background

MOSCOW, Oct 25 (PRIME) -- Russian stocks may slightly increase at the opening on Tuesday on the back of neutral foreign background, but will continue fluctuations during the day, analysts said.

“We expect the Russian stock market to open at the level of 1,965 points at the MICEX index, assuming that this stock indicator will continue fluctuating around current levels reacting to persistent changes of the foreign background,” Oleg Shagov, head of investment company Solid’s research department, said. On Monday, the MICEX closed at 1,962.79.

The ultimate influence of key external factors that have an impact on the Russian financial market is close to neutral at the beginning of the day, he said. Brent oil futures are slightly decreasing in anticipation of the oil statistics release, which can indicate an increase of the U.S. oil reserves.

The U.S. stock index futures are slightly increasing, while main Asian stock indicators are not showing single dynamics.

The further intraday dynamics of the stock market will depend on oil prices, behavior of Western stock indicators, ruble rate dynamics, and publication of economic statistics, Shagov said.

Vitaly Manzhos, a senior analyst at Bank Obrazovanie, expects the MICEX to open at 1,960–1,965 points. The nearest support levels will be 1,950 and 1,940, while the resistance zones will be 1,970 and 1,980.

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