Russian stocks may advance on oil price growth, global optimism

MOSCOW, Dec 20 (PRIME) -- The Russian stock market may open higher and edge up during the day on Friday encouraged by an oil price rally and moderate positivity on the global stock markets, analysts said.

“There is modest optimism on the global markets ahead of the Christmas holidays. After the previous week full of (news), the current week looks not so bright… The guidance for the MOEX Russia Index is still seen within a 3,000–3,030 range,” Promsvyazbank senior analyst Mikhail Poddubsky said.

Finam analyst Sergei Drozdov sees the current support for the MOEX Russia Index at 3,000 and 2,980, and resistance at 3,040.

Drozdov said that expectations of normalization of trade relations between China and the U.S. has pushed the Brent oil price to above $66 per barrel and may force the price to break through a $67.2 mark soon.

Alor Broker analyst Alexei Antonov also expects a 0.3–0.5% rise of the Russian stock market at the opening and a new advance during the day thanks to the crude price rally and growth of the major U.S. indices.

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