Russian stocks can rise further on New Year rally surge

MOSCOW, Dec 28 (PRIME) -- The Russian stock market can continue the bullish New Year rally surge on Tuesday, supported by positively-charged foreign platforms, analysts said.

As Alexei Antonov of Alor Broker said, the foreign background can be characterized as neutral this morning, but the overall trend is a positive one, given the seasonal ‘Santa Claus rally’ on New Year’s eve.

Besides, most of the Russian market’s blue chips have been trading in the green zone at the morning session, which is yet another sign of a possible upwards trend for today, he said.

Andrei Vernikov of Investment Group Capital said that the calm on the geopolitical front can support the Russian stocks, as President Vladimir Putin and his American counterpart Joe Biden seemingly managed to find common ground in the Ukraine process at their recent talks.

According to Andrei Kochetkov of Otkritie Research, markets seem to be finally calming down about the Omicron strain of COVID-19, which is a strong support for oil futures, a major benchmark for the Russian investors.

Vasily Karpunin of BCS Investment Group said that Russian metals producer Norilsk Nickel’s unusually strong market dynamics may present extra support to investors.

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