Russian stocks might rise at opening on higher oil price

MOSCOW, Sep 1 (PRIME) -- Russian stocks might open higher on Tuesday supported by the oil price, analysts said.

“The Russian stock market will open higher today. A fall of the U.S. stock indices and oil prices will prompt an upward gap of 1.5% at the start of trading,” Denis Khripushin, analyst at 2trade.ru, said.

The general background prior to the start of trading is mixed with U.S. stock index futures falling, Asian floors showing mostly negative dynamics but the Brent oil price still remains rather high and may support domestic indices, Oleg Shagov, senior analyst at investment company Solid, said.

“We expect the Russian stock market to open today close to a 1,730-point level of the MICEX index and with an increase of the RTS index,” Shagov said.

Falling U.S. stock index futures and Asian floors may push the MICEX index down about 0.5% at the opening, but despite the oil price contraction, the Brent price is still rather comfortable, and may restrain the index’ fall, Vitaly Manzhos, senior analyst at Bank Obrazovanie, said.

Investors will also track U.K. Manufacturing PMI and U.S. Manufacturing PMI, which are to be released later on Tuesday.

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