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

MOSCOW, May 20 (PRIME) -- The Russian stock market may recoup part of Wednesday’s losses on Thursday thanks to an improving foreign background, analysts said.

“The U.S. indices futures are growing slightly, crude and metals are also increasing so there are good prerequisites for Russian investors to buy part of yesterday’s losses,” Alor Broker analyst Alexei Antonov said.

He added that the Russian stock market is still to stay within the 3,600–3,710 range and will unlikely leave it in the next few days.

Vitaly Manzhos, senior risk manager at investment company Algo Capital, expects the MOEX Russia index to rise around 0.1–0.3% at the opening.

Gold producers will remain among the most promising and safe investments in the nearest future, Antonov said.

He added that Russia’s top bank Sberbank may break through the 300 ruble mark during the day if the external background improves.

The market will also be driven by releases of IFRS financial reports for January–March by Qiwi Group, comprising payment system operator Qiwi and Qiwi Bank, meat producer Cherkizovo, and metals and mining company Mechel, as well as a decision on the 2020 dividends by gas giant Gazprom’s board of directors.

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