Russian stocks to rise on stable oil prices, foreign floors’ rise

MOSCOW, May 11 (PRIME) -- The Russian stock market is likely to grow on Thursday morning as the moderately positive environment and stable oil prices will support the national market, analysts said.

“The environment is moderately positive today. There are tentative purchases on the Asian markets, the futures for the S&P 500 index grew in pre-market trading, and the oil prices look stable. The Brent oil stays at U.S. $77.08 per barrel,” Vladislav Silayev, senior trader at managing company Alfa-Capital, said.

Head of Alor Broker’s investment consulting department Alexei Antonov also said that the background was positive for the Russian market given dynamics of the oil prices and the futures for the U.S. indices.

“Coupled with the fact that the IMOEX2 index ended the day at its intra-day highs, which shows that demand was not fully satisfied completely, we will see that the market may continue its upward movement in the first half of the day. But as trading goes on, the wish of investors to take some speculative profits will grow,” Antonov said.

But Andrei Kochetkov, leading analyst for global research at Otkritie Broker, said that the background was mixed. Deflation and uncertainty in market stimuli grow in China, and the metal prices plummet.

The Russian market may start the day with sales in reaction to the falling prices for metals, but the oil prices may again act as a stabilizing factor, he said.

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