Russian stocks can grow amid rising oil, optimistic background

MOSCOW, Jun 6 (PRIME) -- The Russian stock market can open higher and continue the upward movement later in the day on Monday in light of an improving global environment, analysts said.

“We expect the MOEX Russia Index to rise by 0.1–1% within the 2,310–2,330 range at the opening of the main session… The index can move in line with the significant improvement of the external background in the first minutes of trade, and continue the upward correction movement to the area of 2,330–2340 later in the day,” Vitaly Manzhos, senior risk manager at investment company Algo Capital, said.

The core U.S. indices futures are adding 0.4–0.7%, the Brent oil price has increased by 0.87%, and the Asian markets are also seen by 1% higher, he added.

Senior analyst at financial supermarket Banki.Ru Bogdan Zvarich also expects purchases in Russian stocks at the beginning of the trading session and sees the MOEX Russia Index reaching 2,350 during the day.

Otkritie Broker analyst Andrei Kochetkov said that the ruble can continue to strengthen.

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