Russian stocks can open positively, increase during day

MOSCOW, May 23 (PRIME) -- The Russian stock market is likely to open higher and rise to slightly above 2,400 later in the day on Monday, analysts said.

“Purchases in Russian stocks can be seen on Monday morning, and the MOEX Russia Index can try to return to the 2,400 area. If the sentiments worsen, the nearest support line can be found at around 2,350,” senior analyst at financial supermarket Banki.Ru Bogdan Zvarich said.

The external background looks moderately positive with the main Asian markets trading mixed, core U.S. indices futures adding 0.8%, and the Brent oil price also rising by 0.8% to U.S. $110.8 per barrel, Zvarich said.

Vitaly Manzhos, senior risk manager at investment company Algo Capital, expects the MOEX Russia Index to open 0.1–0.2% higher within the range of 2,380–2,400 and to rise to 2,410–2,420 later in the day.

Director of BCS Broker’s stock market experts department Vasily Karpunin seen the nearest future of the MOEX Russia Index as neutral.

The index should return to the 2,460–2,500 range for a positive technical signal to appear, he said. But it is unlikely to happen on Monday although the benchmark can close in positive territory.

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