Russian stocks to edge up on favorable background at opening

MOSCOW, Dec 3 (PRIME) – The Russian stocks are likely to frim at opening on Thursday as investors will price in the rising quotes at foreign bourses, analysts said.

“The RTS Index still can continue growth as investor risk appetite recovers. In the short term, trading may be affected by a decision to prolong the OPEC+ deal, as the sides are discussing possibilities of a step-by-step lifting of the restrictions,” investment company Olma’s senior analyst Anton Startsev said.

Alexander Kovalyov, analyst at investment company Finam, said that the MOEX Russia Index may try to test its historical highs.

“The background for the national market is favorable in general today. The Dow Jones and the S&P 500 closed slightly higher (on Wednesday), and investors continue buying shares on the majority of the Asian bourses today,” Kovalyov said.

“At the same time, the futures for the Brent oil price with expiration in February 2021 lose around 0.19% prior to the OPEC+ meeting.”

Alexei Antonov, senior analyst at Alor Broker, also said that the MOEX Russia Index may set new record highs very soon.

“It may not happen today, but so far, the external background signals a slightly positive opening of the day,” he said.

“Dynamics of the Russian market will depend largely on the dynamics of oil prices from now until the end of the week. Last evening, media reported that OPEC+ states managed to reach an agreement on the production level for the beginning of next year. We don’t know the details, but we will hear them this evening after OPEC+ finishes its meeting.”

Kovalyov also said that investors will keep an eye on the release of the Services Purchasing Managers’ Index for Russia and of several PMI indices for the U.S., while Russian multi-industry holding Sistema is to release its financial report calculated under International Financial Reporting Standards for July–September. Still, the OPEC+ meeting is the key event for the national market, he said.

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