Russian stocks to rise supported by favorable environment

MOSCOW, Aug 11 (PRIME) -- The Russian stock market is likely to start the Thursday trading session with a slight increase as the favorable environment and U.S. inflation statistics support purchases in the Russian shares, analysts said.

“Purchases may prevail on the Russian market today as the external factors have improved, including the situation on the energy market. As a result, the MOEX Russia Index will try to edge closer to 2,200, and if it climbs above the level, it may trigger a scenario of further recovery to 2,350,” Bogdan Zvarich, senior analyst at financial platform Banki.ru, said.

The leading Asian floors gained up to 1.3%, while the futures for the main U.S. indices rose by 0.2%. The closest futures for the Brent oil lost only 0.4% to U.S. $97 per barrel in a slight correction after Wednesday growth. Inflation slowed down in the U.S. in July according to the Wednesday data supporting investor interest to risky assets, Zvarich said.

“In general, the growth potential of the MOEX Russia Index amounts to about 2%. We don’t think that the benchmark will be able to break through 2,200 without an additional positive impact. Friday is coming, it will be the day for closing long positions, and de-conversion of depositary receipts is to start next Monday, which will exert pressure on the market. That is why it is possible that we may see the taking speculative profits today,” Alexei Antonov, head of the investment consulting department of Alor Broker, said.

If the oil price returns above $100, then the shares of oil majors Lukoil and Rosneft will receive a serious growth momentum, Antonov said.

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