Russian stocks to edge up backed by foreign floors, strong crude

MOSCOW, May 15 (PRIME) -- The Russian stock market may edge up on Wednesday encouraged by a positive foreign environment, analysts said.

“Under a basic scenario, we expect the MOEX Russia Index to rise to the upper limit of the 2,550–2,600 range, but sanction risks may seize the growth… A committee of the U.S. House of Representatives will discuss a bill on fresh sanctions against Russia,” Promsvyazbank analyst Mikhail Poddubsky said.

Olma senior analyst Anton Startsev said that the technical analysis points to a further growth of the RTS Index thanks to a favorable external background.

The Gazprom stock is likely to be volatile in the next few days following a tremendous growth of 16% to a 7-year record high, seen on Tuesday after the executives had suggested the board of directors double 2018 dividends to 16 rubles per share, he added.

Asian market are trading more than 2% higher, the U.S. and European indices futures are seen in the green territory. The Brent crude price is consolidating near U.S. $71 per barrel.

Local investors will also track news from a meeting of Russian President Vladimir Putin with Austrian President Alexander Van der Bellen during the Sochi Dialogue.

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