Russian stocks to edge up at opening backed by strong oil prices

MOSCOW, Jun 23 (PRIME) -- The Russian stock market may open moderately higher on Tuesday thanks to strong oil prices, and consolidate later in the day as there are no reasons for a rally, analysts said.

“We expect the MOEX Russia Index to open modestly higher by 0.2–0.6% within the 2,770–2,780 range. The benchmark is likely to consolidate later in the day,” Vitaly Manzhos, senior risk manager at investment company Algo Capital, said.

Olma senior analyst Anton Startsev said that the RTS index will also likely rise at the beginning of the trade session, but there are no reasons for an upward breakthrough from the consolidation range yet as risks of a second wave of the coronavirus pandemic persist.

Alor Broker analyst Alexei Antonov said that the Russian stock and currency markets will be supported by strong oil prices with the nearest Brent oil futures seen at about U.S. $43 per barrel.

Investors may also be interested in decisions of oil company Lukoil’s annual general meeting of shareholders, which is to take place on Tuesday.

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