Russian stocks to rise following global bourses, oil prices

MOSCOW, Jul 30 (PRIME) – The Russian stocks are likely to edge up at opening on Tuesday supported by growing international bourses and oil prices, analysts said.

“Today, a slight increase of the RTS Index may take place at the beginning of trade because it will follow foreign stock indices, though we see no strong drivers for a significant increase of the index,” investment company Olma’s senior analyst Anton Startsev said.

Foreign stock markets are waiting for news from the U.S.–China trade negotiations, and for a U.S. Federal Reserve System’s decision on its base rates to be released late on Wednesday, Startsev said.

“The external background is neutral prior to the opening of the Russian stock market. The Russian indices are to start the day slightly above yesterday’s closure supported by favorable dynamics of the Asian floors and oil prices,” investment company Solid said in a research note.

The Brent oil price gained 0.71% to U.S. $64.16 per barrel as of 8.57 a.m. Moscow time, according to the ICE exchange.

Roman Antonov, senior analyst at Promsvyazbank, said that the MOEX Russia Index will most likely move to the upper range of 2,700–2,750 supported by growing blue chips and Sberbank in particular, which may increase on expectations of a robust financial report to be published on Wednesday.

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