Russian stocks can recoup previous losses on energy market advance

MOSCOW, Apr 3 (PRIME) -- The Russian stock market can edge up on Monday thank to the support of oil prices growth following oil production cut decisions of the OPEC+ alliance, analysts said.

“We expect purchases of Russian stocks thanks to an improvement of the situation on the oil market. In the current circumstances, the MOEX Russia Index will try to recoup March 31’s losses and to reach a new local high closer to the nearest resistance line of 2,500,” senior analyst at financial supermarket Banki.Ru Bogdan Zvarich said.

The external background looks controversial, he also said. The main Asian bourses are trading mixed, as well as the core U.S. benchmarks. The Brent oil price has added 4.5% to U.S. $83.5 per barrel on the OPEC+’s further oil production cut decisions.

Alexei Golovinov, chief analyst at PSB Bank, said that the MOEX Russia Index is likely to return to the upper zone of the 2,450–2,488 range.

Golovinov expects heavy demand for energy shares, and further growth of grocery retailer Magnit and multipurpose holding Sistema.

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