Russian stocks can edge up at opening on high oil price

MOSCOW, Oct 3 (PRIME) -- The Russian stock market will likely edge up on Wednesday at the start of the trading session supported by high oil prices, analysts said.

“The external background for today’s session is calm, oil has stabilized, the Asian session was mixed which gives us a reason to expect opening of the trading session near yesterday’s closing of the MOEX Russia and the RTS indices,” Anna Bodrova, senior analyst at Alpari, said.

Bodrova said that the MOEX Russia Index can fall to 2,430 if it falls below a support level of 2,445. A stronger support zone is 2,422–2,425 and 2,400. She said that the RTS index range is seen at 1,175–1,185.

Investment company Olma’s senior analyst Anton Startsev said that oil prices are high enough to support interest in Russian assets.

Finam analyst Sergei Drozdov said that statements from the Russian Energy Week, to be attended by Saudi Arabia’s Energy Minister Khalid Al-Falih, OPEC Secretary General Mohammed Barkindo and other high-ranking officials, can influence the oil prices.

According to Startsev, concerns over Italy’s debt burden have eased, which is also a positive factor.

End