Russian stocks to rise in line with oil prices, foreign background

MOSCOW, Nov 21 (PRIME) -- The Russian stock market may edge up at opening on Tuesday thanks to stable oil prices and improving external environment, analysts said.

“We expect the MICEX to open slightly higher at around 2,130-2,135… and to continue trading mixed during the day. The foreign background has improved insignificantly, this is why no active purchases can be expected in Russia,” investment company Nord Capital said.

Oleg Shagov, head of investment company Solid’s research department, said that the global environment looks neutral with the January Brent oil futures fluctuating at $62.3 per barrel ahead of the U.S. inventories statistics to be published by the American Petroleum Institute (API).

He also said the MICEX is likely to open at about 2,135 and may keep on trying to get out of a consolidation range on low trade volumes.

Olma senior analyst Anton Startsev said that the RTS index may bounce back at opening due to no reasons for a further downward correction.

Russian traders will also follow publications of January-September financial results of power utility Mosenergo and power producer Territorial Generating Company-1 (TGC-1), owned by Gazprom subsidiary Gazprom Energoholding and Fortum Russia, as well as a dividend decision made by fertilizer producer PhosAgro’s board of directors.

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