Stocks to open higher on favorable environment, high oil price
MOSCOW, Jan 9 (PRIME) -- Russian stocks are likely to edge up at opening on Tuesday supported by a favorable external background and high oil prices, analysts said.
УThe ultimate influence of the key external factors that have a significant impact on the behavior of the Russian stock market is moderately positive at the beginning of the day, according to our estimates. The March futures for the Brent oil are fluctuating around U.S. $68.2 per barrel growing on expectations of industry statistics that is to show a seven-week contraction of oil stocks in the U.S.,Ф Oleg Shagov, head of investment company SolidТs research department, said.
Shagov also said that futures for the U.S. stock indices changed insignificantly in the morning, while the major Asian floors were in the green zone early in the day. УWe expect the Russian stock market to open in a range of 2,210 of the MOEX Russia Index, and suppose that the stock indicator may continue its mid-term upward trend thanks to a favorable external background,Ф he said.
Investment company OlmaТs leading analyst Anton Startsev said that the external background is still relatively favorable providing for expectations of further growth of the RTS index. Technical analysis points to a noticeable upward movement after the RTS index has broken through its mid-term consolidation range. However, but the RSI indicator shows a slightly overbought state of the index, which may mean the rise will halt soon.
Vitaly Manzhos, a senior risk manager at investment company Nord Capital, also said that the background and the growth of oil prices may result in a higher opening of the Russian market.
УWe expect the market to open with an insignificant increase of about 0.2Ц0.3% of the MOEX Russia Index in a 2,210Ц2,215 range. The levels of 2,200 and 2,190 will become the closest support, while 2,220 and 2,240 will act as noticeable resistance levels,Ф Manzhos said.
Manzhos also said that local traders will continue keeping track of oil prices as no important macroeconomic statistics will be released on Tuesday.