Russian stocks can rise on strong oil prices, ruble stabilization

MOSCOW, Aug 21 (PRIME) -- The Russian stock market is likely to continue its recovery on Monday as it is backed by strong global oil prices and stabilization of the ruble, analysts said.

“We expect the MOEX Russia Index to continue recovering. The nearest goal is seen at 3,160 thanks to strengthening of oil prices and stabilization on the foreign exchange market. All these should support exporters’ shares,” Alexei Golovinov, chief analyst at PSB Bank, said.

BitRiver financial analyst Vladislav Antonov said that the price for oil is Asia is currently seen at over U.S. $85.

Antonov also said that the ruble will be supported by a peak taxation period till the end of the week, but it is still pressured by the bears as problems of Russia’s financial system remain unsolved.

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