Russian stocks can grow slightly on rising oil price, IMF skepticism

MOSCOW, Oct 15 (PRIME) -- The Russian stock market can edge up on Monday on the back of growing oil prices and the U.S. stock market indices but pessimism after a speech by the president of the International Monetary Fund (IMF) will curb the positive trend, analysts said.

“Today the probability that an earlier emerged RTS growth will be suspended is high to deterioration of the external background,” Olma senior analyst Anton Startsev said.

“Optimism expressed by traders on the Western floors on Friday was cooled by a speech by head of the IMF Christine Lagarde, who called on market participants to be ready for high volatility and warned of fragility of global economic growth.”

Forex Club analyst Ivan Marchena said that the Russian market will likely increase on Monday due to growth of oil prices and U.S. indices.

The oil prices increased by more than 1% on statements about reduction of output in Iran in September, Marchena said.

The U.S. stock market indices grew by up to 2.3% on October 12 on strong financial reports of banks, he said.

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