Growing oil prices to push Russian stocks up at opening

MOSCOW, Aug 19 (PRIME) -- Russian stocks may increase at the opening on Friday backed by growing oil prices, analysts said.

“The situation on the energy market is providing support to Russian stocks. At the same time the technical analysis data does not allow to speak about a stable growth until the RTS index does not consolidate above 975 points,” Olma senior analyst Anton Startsev said.

Brent oil is trading over U.S. $51 per barrel prior to the Russian opening.

“Taking into account that oil futures continue their yesterday’s growth, the influence of the foreign background prior to the start of trading in Russia is positive,” Vitaly Manzhos, a senior analyst at Bank Obrazovanie, said.

“We expect the market to open with a moderate growth of around 0.3% at the MICEX index, around 1,975 points,” Manzhos said. The nearest support levels will be 1,960 and 1,950, while 1,980 and 2,000 will act as resistance, he said.

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