Russian stocks to rise pricing in US market, oil price increase

MOSCOW, Jun 22 (PRIME) -- The Russian stock market is likely to open higher on Tuesday to price in Monday’s increase of the U.S. indices and the morning growth of oil prices, analysts said.

“The global markets mood improved significantly yesterday, as the U.S. broad market indices gained 1.3–1.8% … and the commodity prices grew noticeably. The Russian stock market rebounded, the MOEX Russia Index gained 0.3%, even though the trade turnover was significantly lower than during the sales of the past two weeks. After our closure, the U.S. indices continued growing, this is why the MOEX Russia Index is to open higher,” Alro Broker senior analyst Alexei Antonov said.

Andrei Kochetkov, leading analyst for global research at Otkritie Broker, said that the background for the Russian market was moderately positive. The Asian markets grow mainly as they price in the increase of the U.S. indices. The commodities also rise, including the Brent oil that climbed above U.S. $75 per barrel he said.

“The Russian market may edge up at opening in reaction to the growth of oil prices and of prices for commercial metals. The ruble is stable against the U.S. dollar in morning trade, but firms against the euro. During the day, support for the national currency may rise on demand from the exporters,” Kochetkov said.

End %%md/jst%%