Russian stocks seen growing on oil price increase

MOSCOW, Dec 27 (PRIME) -- The Russian stock market can open with an upward gap on Wednesday on the back of an increase of oil price futures on Tuesday in the afternoon, analysts said.

“The state of the external background before the start of trade in Russia can be qualified as indeterminate, or mixed. At the same time, yesterday’s increase of oil price futures creates conditions for a moderately positive start of trade in Russia,” Vitaly Manzhos, a senior risk manager at investment company Nord Capital, said.

Brent prices are close to U.S. $66.7 per barrel after growth on Tuesday in the afternoon on concerns after a pipeline explosion in Libya. U.S. stock market futures are slightly rising, as well as Asian stock market indices. The European premarket session signals a small increase during the trading session start.

According to Oleg Shagov, head of the investment company Solid’s research department, these factors will contribute to a moderately positive start of the trading session in Russia.

The MOEX Russia index is expected to open at about 2,100, Shagov said.

The Finance Ministry will place two OFZ government bonds for 35 billion rubles, which, according to Shagov, will be the main market event on Wednesday as it will show the scope of interest of foreign investors to ruble assets.

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