Russian stocks to open with growth amid positive foreign backdrop

MOSCOW, Jun 21 (PRIME) -- The Russian stock market may continue growth of the previous day and increase on Tuesday in the morning thanks to the favorable external background, analysts said.

“The Russian stock market may continue to grow. The MOEX Russia Index may go up to 2,440 points, which is the upper limit of the current consolidation range,” senior analyst at financial supermarket Banki.Ru Bogdan Zvarich said.

Algo Capital senior risk manager Vitaly Manzhos said that “the MOEX Russia Index is capable of rising considerably in the first minutes of trade thanks to obvious improvement of the external background that can be seen in the morning,” The index may increase to 2,430–2,450 during the session, he added.

According to Promsvyazbank senior analyst Vladimir Solovyev, the MOEX Russia Index may go above 2,450 points during the session, and the stocks of Russia’s financial companies may grow above the market.

The global environment may be described as favorable and global trading floors may try and rebound, Solovyev added.

The foreign trade floors show positive moods prior to the start of trading in Russia, Zvarich said. Main Asian bourses are rising up to 2.5% and the U.S. stock futures are growing within 1.6%. The Brent oil futures increased 1.2% to U.S. $115.5 per barrel.

The news flow for Tuesday includes statements from representatives of a number of foreign central banks and of the U.S. Federal Reserve (Fed), as well as the release of industrial orders statistics in the U.K. and of sales on the secondary housing market in the U.S.

End