Russian stocks can open higher thanks to crude prices support

MOSCOW, Oct 4 (PRIME) -- The Russian stock market can open higher on Wednesday thanks to the Brent crude prices strengthening to over U.S. $90 per barrel, analysts said.

“We expect purchases of Russian stocks to prevail at the beginning of the trading session today. Recovery of the energy market and consolidation of the nearest Brent oil futures above $90 per barrel will support growth of the local market,” senior analyst at financial supermarket Banki.Ru Bogdan Zvarich said.

Technical factors can work as well, he added. Consolidation of the MOEX Russia Index over the support level of 3,075 signals about further advance. The benchmark can reach 3,150–3,200 during the trading session.

Zvarich sees the external background as negative with the main Asian stock exchanges losing up to 2.2%, and the core U.S. indices futures bouncing back by 0.2% after a steep fall on Tuesday.

Alor Broker analyst Alexei Antonov sees no reasons for the MOEX Russia Index to leave the broad consolidation range of 3,000–3,300 any soon.

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