Russian stocks can rise as US futures, oil prices increase

MOSCOW, Sep 27 (PRIME) -- The Russian stock market will likely open with an upward gap on Monday on the back of an increase of oil prices and U.S. stock market futures, analysts said.

"The external background was positive at the beginning of the last week of the quarter: American futures grew by 0.5%, most of industrial and precious metals were gaining. But, what is the most important for us: oil was rising by more than 1%," Alexei Antonov of Alor Broker said.

"We are expecting the opening in the positive zone, and it is not ruled out that the MOEX Russia Index will reset historical records if the external background continues to improve," Antonov said.

Vitaly Manzhos, senior risk manager at investment company Algo Capital, expects the MOEX Russia Index to open with a 0.3–0.7% upward gap at 4,050–4,065. The levels of 4,040 and 4,020 are the support ones, and the levels of 4,080–4,100 are the resistance ones.

The analyst said that the index can reach the range of 4,070–4,080 later in the day.  

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