Russian stocks to grow on rising oil, positive foreign background

MOSCOW, Jun 29 (PRIME) -- Russian stocks may grow at the opening on Thursday on the back of rising oil prices and improved foreign background, analysts said.

“We expect the Russian stock market to open at around 1,895 points at the MICEX index, assuming that amid the favorable foreign background this stock indicator will make an attempt to grow above the psychological level of 1,900 points,” Oleg Shagov, head of investment company Solid’s research department, said. On Wednesday, the MICEX closed at 1,891.98.

The ultimate influence of key external factors that have a significant impact on the Russian financial market is moderately positive today, the analyst said.

Brent oil futures rose to U.S. $47.5 per barrel on a reported reduction of the U.S. oil production to two-month lows.

The leading U.S. stock index futures are increasing, and Asian stock indicators are mostly demonstrating positive dynamics.

Olma senior analyst Anton Startsev said “the outlined growth with attempts to consolidate over the psychologically important level of 1,000 points at the RTS index is possible today at the start of trading.” “The improvement of the situation on the energy market and depreciation of the U.S. dollar on the global currency market raise relative attractiveness of Russian securities,” he added.

Shagov also said that mobile operator MTS, oil and gas company Surgutneftegas, and power grid utility Federal Grid Company of the Unified Energy Systems (FGC UES) will hold shareholder meetings on Thursday, which could affect the stock market.

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