Russian stocks can continue recovery due to positive background

MOSCOW, Feb 2 (PRIME) -- The Russian stock market is likely to edge up at the beginning of the main trading session on Wednesday thanks to an encouraging foreign background, and can rise or consolidate later in the day, analysts said.

“We expect purchases to prevail on the Russian stock market considering the external background. The (MOEX Russia Index) is to break through the 3,550 mark to reach yesterday’s highs. Positive sentiments can persist during the trading session, and the benchmark can approach 3,600,” senior analyst at financial supermarket Banki.Ru Bogdan Zvarich said.

Positive dynamics persist on the global market on Wednesday, he added. Main Asian stock exchanges are adding 1.9%, and the Brent oil price is rising by 0.4% to around U.S. $89.5 per barrel. U.S. indices futures are also performing growth attempts.

Vitaly Manzhos, senior risk manager at investment company Algo Capital, expects the MOEX Russia Index to open 0.2–0.6% higher within the 3,555–3,570 range and to consolidate later in the day.

PSB Bank senior analyst Yegor Zhilnikov said that the ruble is also likely to strengthen towards 76 rubles against the U.S. dollar, according to technical data. The ruble will be additionally supported by resumption of OFZ government bonds auctions by the Finance Ministry after a 2-week pause due to volatility on the financial markets that was caused by geopolitical tensions.

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