Russian stocks can continue growth as oil prices increase

MOSCOW, Mar 21 (PRIME) -- The Russian stock market will likely open higher on Wednesday, continuing Tuesday’s increase supported by growing oil futures, analysts said.

“Continuation of an emerging rise of the RTS Index is possible today at the start of the trade thanks to improvement of the fuel market situation,” Anton Startsev, a leading analyst at investment company Olma, said.

“At the same time, a high buyers’ activity is unlikely during the day because market participants will prefer to wait for a press conference of the chairman of the U.S. Federal Reserve System (Fed) to start at 9:30 p.m. (Moscow time) after a regular meeting.”

The U.S. stock market futures rose by 0.15%, the Brent futures increased 0.2%, gold futures went up 0.1%, Hong Kong’s Hang Seng index rose 1.03%.

Vitaly Manzhos, senior risk manager at investment company Nord Capital, said that in these conditions, the MOEX Russia Index will likely open at 2,295–2,300. The closest support levels will be 2,280 and 2,270 and the resistance ones 2,310 and 2,320.

According to Startsev, the release of  Lukoil’s financial report under International Financial Reporting Standards for 2017 will be the most important Wednesday’s corporate event in Russia.

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