Russian stocks can increase as oil prices start to recover

MOSCOW, Dec 28 (PRIME) -- The Russian stock market will likely rise at the beginning of trade on Friday because oil prices have started to grow, analysts said.

“The Russian stock market can continue growth on Friday, following rising oil prices. At the same time, the trade volume can be small due to the approaching holidays,” Forex Club analyst Ivan Marchena said.

As of 9:04 a.m. Moscow time, the Brent price rose 1.82% to U.S. $53.11.

Investment company Olma’s senior analyst Anton Startsev said that a rising gold price and a low U.S. treasuries’ yield mean that investors are still interested in protective assets.

Startsev said that the RTS will likely consolidate a little higher than 1,050.

Finam analyst Sergei Drozdov said that the MOEX Russia Index support level stands at 2,320 and 2,300, and the resistance level is at 2,350 and 2,380. The RTS index’ local support is 1,050 and resistance is at 1,080 and 1,100.

End