Russian stocks can try to recover thanks to strong crude prices

MOSCOW, Sep 18 (PRIME) -- The Russian stock market can make an effort to recover on Monday after previous consolidation thanks to the support of strong crude prices, analysts said.

“We expect purchases to prevail at the start of the trading session. Russian stocks will be pushed upwards by the recent key rate hike by only 100 basis points and continuing improvement of the crude market situation,” senior analyst at financial supermarket Banki.Ru Bogdan Zvarich said.

“As a result, the MOEX Russia Index can try to rise after consolidation seen last week, and make a step toward local highs set at the beginning of September,” he added.

Zvarich said that the U.S. Federal Reserve’s key rate decision will become the main factor influencing the global market this week. The regulator is expected to retain the rate unchanged.

The current global environment looks moderately negative, he added. Most Asian markets are demonstrating a fall by up to 0.9%, the core U.S. indices futures are trying to recover after a drastic decline at the end of the previous week, and the Brent crude price is adding 0.6% to U.S. $94.5 per barrel.

Alexei Golovinov, chief analyst at PSB Bank, hopes for a recovery on the Russian market on Monday with the MOEX Russia Index trading within the range of 3,140–3,200 thanks to strong oil prices.

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