Russian stocks can grow on stable oil prices, favorable environ

MOSCOW, Sep 20 (PRIME) -- The Russian stock market is likely to open with a slight increase on Tuesday as the stability of oil prices and a favorable trade dynamics of foreign bourses should support the market, analysts said.

“We expect purchases to prevail in the Russian shares at the start of trade today. The stability of oil prices and improvements in the relation of investors toward risky assets could support our market,” Bogdan Zvarich, senior analyst at financial platform Banki.ru, said.

The external background is moderately positive for the Russian market on Tuesday morning, as the leading Asian bourses are rising by up to 1.3%, and the futures for the major U.S. indices are gaining up to 0.3%. The Brent oil price is adding 0.1% and climbing slightly above U.S. $92 per barrel, Zvarich said.

Algo Capital’s senior risk manager Vitaly Manzhos said that a positive external background creates conditions for the MOEX Russia Index to start the Tuesday trade session with an increase.

“We expect the trade in Russia to start with an increase of 0.1–1.0% of the MOEX Russia Index in the range of 2,440–2,465. The levels of 2,430 and 2,410 will act as the closest support, while 2,470 and 2,490 will become the resistance,” Manzhos said.

In the second half of the day, only important foreign political news or local corporate news could make an impact on the Russian market, as no significant pieces of foreign economic statistics are to be released during the day, he said.

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