Russian stocks can grow on high oil prices, rising foreign markets

MOSCOW, Sep 18 (PRIME) -- The Russian stock market indices are likely to rise at the start of the Monday’s session because investors see the current oil price level of about U.S. $55 as a favorable one to buy Russian assets and there is a positive dynamics on foreign markets, analysts said.

“The external background looks moderately favorable in the morning, the foreign stock exchange situation is stable in spite of remaining tensions around North Korea, Brent prices remain above $55 per barrel (high enough to support interest in Russian securities),” Olma senior analyst Anton Startsev said.

Oleg Shagov, head of investment company Solid’s research department, said that a growth of U.S. stock market futures, a mostly positive dynamics of Asian stock markets and premarket session signaling an increase of European indices later in the day are making for a moderately positive background for the start of the Russian market session.

He said the MICEX can open at 2,055 and can continue growing if the external background is favorable. Startsev said that the RTS will likely rise.

Shagov said that a forum of the Opora Russia organization for development of small and medium business starting on Monday is expected to draw investors’ attention because representatives of the central bank, the government and development institutes have been invited to participate.

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