Russian stocks seen growing on dividend stories, oil price rise
MOSCOW, May 24 (PRIME) -- The Russian stock market will likely open with an upward gap on Wednesday because of a flow of investors expecting dividends to the shares of Sberbank and Lukoil, and an oil price increase, analysts said.
"The MOEX Russia Index will be trading in the upper margin of the range of 2,620Ц2,660. Nevertheless, we do not rule out an attempt to reset the peaks for the year, since the main intrigue of the dividend season was resolved yesterday," Alexei Golovinov, chief analyst at PSB Bank, said.
Gazprom announced no final dividends for 2022, and investors might buy the shares of Sberbank and Lukoil boosting the MOEX Russia Index, he said.
"The market participants are waiting for new drivers. The U.S. dollar/ruble pair is consolidating, the MOEX Russia Index has been stumbling in place. A marginal dynamics period has dragged on and is starting to make the buyers nervous. Many shares are already falling but they are affecting the entire MOEX Russia Index weakly," BitRiverТs financial analyst Vladislav Antonov said.
He added that aggressive sales could start if the MOEX Russia Index does not consolidate above 2,660 on Wednesday.
According to Antonov, oil prices were supported by a warning by the Saudi Arabian energy minister against oil futures' sale ahead of an OPEC+ meeting on June 4. The meeting will take place on a weekend, and the market may open with an upward gap afterwards.