Russian stocks to open mixed as oil rebounds, ruble keeps strong

MOSCOW, May 20 (PRIME) -- The Russian stock market will witness mixed trends at the trading session’s opening on Wednesday because the MICEX will grow due to oil price upward correction, while the RTS will sag on the back of a strong ruble, analysts said.

“The external background for the Russian stock market is neutral today. During the trading session in Asia, the majority of indices were in the positive zone,” ITInvest’s analyst Vasily Oleinik said. “The ruble index MICEX will open with a moderate gain today, of up to 0.3%.”

The technical analysis data suggests that the RTS will resume the downward correction, Olma’s senior analyst Anton Startsev said.

Both Russian indices will see only small changes at the trading session opening, Oleg Shagov, senior analyst at investment company Solid, said.

The Brent grew 0.91% to U.S. $64.60 per barrel as of 9.08 a.m., Moscow time.

Unexpectedly strong statistical data in Japan spurred investors’ optimism, Startsev said. The Japanese economy expanded 2.4% in January–March.

The strength of the national currency still pressurizes Russian assets, Promsvyazbank analysts Ilya Frolov and Yevgeny Lokhtyukhov said.

The European Central Bank will be discussing aid to Greek banks later Wednesday, which will affect the Western stock market dynamics. Traders will also keep an eye on the U.S. oil reserves statistics, Startsev said.

End