Russian stocks can rise on growing oil prices, St. Pete forum

MOSCOW, May 24 (PRIME) -- The Russian stock market will likely open with a positive gap on Thursday, correcting upwards on the back of oil prices rising on Wednesday in the evening and expectations from an economic forum which started in St. Petersburg, analysts said.

“An international economic forum is opening in St. Petersburg. The geopolitical situation leaves much to be desired and forecasts by American investment banks add to the bearish mood. But the number of guests and speakers, and the status are signaling an interest to projects in Russia,” Georgy Vashchenko, director of operations on the Russian stock market at investment company Freedom Finance, said.

“I think, the forum will not influence the market trends much but will favor a warming of the investment climate on the regional level,” he said.

Alor Broker analyst Alexei Antonov said that the Russian market will erase earlier losses during the opening on Thursday and will reflect rising U.S. stock market indices and oil prices.

Vashchenko estimates the MOEX Russia Index level at 2,290–2,320. Sergei Drozdov, an analyst at investment company Finam, said that the RTS supporting level is 1,168 and resistance 1,185 and 1,193.

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