Russian stocks to grow amid rising oil, mixed background

MOSCOW, May 30 (PRIME) -- Russian stocks are projected to increase moderately at the opening on Thursday amid rising oil prices and a mixed foreign background, analysts said.

“Considering the weakly positive external background, the increased oil and growth of futures for the main Russian stocks at the evening session, we expect the stock market to open with growth of around 0.3–0.4% today,” Alor Broker analyst Alexei Antonov said.

Vitaly Manzhos, a senior risk manager at investment company Algo Capital, also expects the MOEX Russia Index to add around 0.3% at the opening.

Before the start of trading in Russia, the U.S. stock index futures moderately grew within 0.3%, Brent oil futures added 0.4%, China’s Shanghai Composite lost 1%, and Japan’s Nikkei225 fell 0.3%, he said.

Olma senior analyst Anton Startsev said, “From the position of the technical analysis, the RTS Index is in the phase of correction-consolidation after an increase from 1,200 points to 1,300 points. Oil prices remain high enough to support demand for Russian securities of the oil and gas sector, but the situation on stock markets on the whole is not favorable for growth – investors have less confidence in the possibility of a trade deal between the U.S. and China and prefer not to raise the share of risky assets in portfolios.”

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