Russian stocks seen growing in line with global floors, oil

MOSCOW, Aug 20 (PRIME) -- Russian stocks may moderately grow at the opening on Tuesday amid positive dynamics on global floors and rising oil prices, analysts said.

“We expect the MOEX Russia Index to open with a moderate increase of around 0.2–0.4%, near the level of 2,655 points. The nearest support levels will be 2,640 and 2,630 points. The main resistance will be 2,660 and 2,670 points,” Vitaly Manzhos, senior risk manager at investment company Algo Capital, said.

After a moderately positive start, the MOEX Russia Index may switch to consolidation, as restrained morning improvement of the foreign background is not yet enough for the start of active purchases of Russian stocks, the analyst said.

Before the opening of the Russian market, the U.S. stock index futures are growing by 0.1–0.2%, Brent oil futures rose 0.2%, China’s Shanghai Composite is balancing on the verge of positive and negative change, and Japan’s Nikkei225 added 0.5%.

Olma senior analyst Anton Startsev said, “Consolidation of the RTS Index near 1,250 points is possible in the short-term. The situation on stock markets has on the whole improved slightly following reports on delays of introduction of restrictions on operations of Chinese corporation Huawei in the U.S.”

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