Russia stocks likely to rise over strong ruble, favorable backdrop

MOSCOW, Jan 12 (PRIME) -- The Russian stock market is likely to increase on Thursday at opening over strong ruble and positive sentiments on global markets, analysts said.

“Taking into account the strengthening of the ruble and the positive mood on the world markets, we can expect the MOEX Russia Index to move up to 2,205 points,” BitRiver financial analyst Vladislav Antonov said.

Senior analyst at Promsvyazbank Dmitry Monastyrshin said that OFZ bonds quotations today may win back the decline that took place on Tuesday and Wednesday on the back of the inflation data released yesterday that was better than expected.

The weak morning improvement in the external background and “the inertia of yesterday's gains” create conditions for the MOEX Russia Index to open with some upside, Vitaly Manzhos, senior risk manager at investment company Algo Capital, said.

He added that later further rise of the index above the nearest significant level of 2,200 points is quite probable.

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