Russian stocks can grow on oil price, foreign markets increase

MOSCOW, Dec 29 (PRIME) -- The Russian stock market will likely increase on Friday at the start of the trading session because of a rise in oil prices and foreign market indices, analysts said.

“The state of the external background before the start of the trade in Russia can be qualified as moderately positive,” Vitaly Manzhos, senior risk manager at investment company Nord Capital, said.

Brent oil futures are close to the U.S. $66.6 per barrel level on the back of publication of data signaling a fall in U.S. production and reserve. U.S. stock market futures are growing slightly, the key Asian indices are demonstrating a muted growth. The European premarket signals an increase during the trading session start later in the day.

According to Oleg Shagov, head of the investment company Solid’s research department, these factors will contribute to a moderately positive start of the Russian trading session.

According to Shagov, the MOEX Russia Index is expected to open close to the 2,100 level and can continue growth on a lower than usual volume due to the approach of holidays.

Release of statistics on Russia’s gross domestic product (GDP), business activity and inflation is expected to be the main Friday’s event, Shagov said.

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