Russian stocks seen edging up early on oil price growth
MOSCOW, Apr 12 (PRIME) -- The Russian stock market will likely grow slightly on Wednesday in the morning due to an increase of the oil prices, but the rise may be limited by expectations of the U.S. inflation statistics release, analysts said.
"Purchases may dominate in the Russian stocks today at the start of trade favored by the external background, and, in particular a better situation on the energy market," financial platform Banki.ru senior analyst Bogdan Zvarich said.
According to the analyst, the global market mood is moderately positive, as the leading Asian markets added up to 0.7%, the key U.S. futures consolidated above Tuesday's closing and the nearest Brent futures rose by 0.2% to U.S. $85.8 per barrel.
The market activity worldwide may be subdued during Russia's morning part of the session on expectations of the U.S. inflation statistics, which is to define the market trend in the sessions to come, Zvarich said. Sales may start if inflation exceeds 5.2% in March, as expected by investors.
Otkritie Research’s Oleg Syrovatkin said that the Russian stock market is overbought in the short and medium term and may consolidate or correct downwards during the next several sessions or even weeks. Recovery of the oversold ruble may pressure the market additionally.