Russian stocks can edge up thanks to stronger oil prices

MOSCOW, Jun 30 (PRIME) -- The Russian stock market can rise on Friday thanks to the support of recovering crude prices, analysts said.

“The Russian stock market still demonstrates moderate upward dynamics amid weakening of the ruble,” BitRiver financial analyst Vladislav Antonov said.

“Buyers are reluctant to purchase shares at the current levels that is why the MOEX Russia Index is to correct downwards as soon as the ruble finds the balance. The benchmark’s trading range for today is 2,785–2,810,” he added.

The ruble is approaching the target level of 89–90 rubles per U.S. dollar, Antonov also said.

Alexei Golovinov, chief analyst at PSB Bank, expects the MOEX Russia Index to break through the 2,800 on the back of gradual recovery of crude prices.

End