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Russian stocks to rise on strong US closure, higher oil, gas talks

May 30, 2014, 11:55 UTC+3 MOSCOW
1 pages in this article

MOSCOW, May 30. /ITAR-TASS/. Russian stocks are likely to open higher on Friday as investors are waiting for the results of the trilateral gas talks, while the US floors closed with growth and oil prices are rising, analysts said.

The Russia stocks market will open with growth on Friday, but the trade will not be very intensive until some drivers appear,” Investcafe’s analyst Roman Grinchenko said.

Grinchenko attributed his expectations to higher closure of the domestic and western bourses on the previous day, as well as rising oil prices, and geopolitical lull, which is to continue until the inauguration of Ukrainian President-elect Petro Poroshenko at least.

Maxwell Capital analyst Alexander Dvurekov also expects the trading session to start with purchases amid moderately favorable external background. “During the first half of the session the market may go up to 1,450 points and find some resistance there. The daily trading range is 1,400-1,470 points,” he said, adding that the market has the chance to exceed 1,450 points during the day.

Promsvyzbank’s senior analyst Oleg Shagov estimated the foreign background as mixed with no single dynamics on the Asian floors and said that the domestic market will open rather flat.

The mood of investors may be affected by the next round of the trilateral talks on Russian gas supplies to Ukraine and the EU, as the union is calling on Kiev to repay at least part of its debt to Russia before asking for a discount price, ITinvest-Prospekt’s analyst Vasily Oleinik said.

Germany will release retail sales, while the US will publish consumer price inflation, individual incomes and spending, as well as the Chicago PMI and Michigan Consumer Sentiment Index.

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