Russian stock market may rise at opening on growing oil prices

MOSCOW, Apr 4 (PRIME) -- The Russian stock market is likely to increase at opening on Tuesday amid growing oil prices and weakening ruble, analysts said.

“Today we expect the MOEX Russia Index to continue its inertial growth. According to our estimates, it will try to renew September 2022 highs above 2,488 points. The main supportive factor is the rising oil prices and the ruble's pullback,” chief analyst at PSB Bank Alexei Golovinov said.

Oil and gas companies, in particular Lukoil, Tatneft and Gazprom Neft, will continue to be in demand, Golovinov added.

PSB Bank senior analyst Yegor Zhilnikov believes that the dollar still has a potential to grow and to overcome the level of 80 rubles. However, technically the dollar is close to oversold, due to which the correction of the currency is possible within the next week, he said.

On the global markets the dollar remains under pressure, Zhilnikov added.

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