Russian stocks may further rebound on strong oil, external support

MOSCOW, Jan 20 (PRIME) -- The Russian stock market can continue its rebound trend on Thursday on positivity from record high crude oil prices and external factors, analysts said.

“The Russian market today will retain its inertia to recover, supported by the strength of prices on commodity markets. … We expect the MOEX Russia Index to hold at 3,500 points today and try to rebound,” Yevgeny Loktyukhov of PSB Bank said.

The Russian stock market may continue to rise on multi-month highs in oil and the current bullish dynamics on the U.S. platforms. However, there are still high risks of this rebound losing its kinetic force in the near future, Alexei Antonov of Alor Broker said.

As Georgy Vashchenko of Freedom Finance believes, prerequisites for growth have been formed a while now, and the strong overselling of many liquid shares, as well as the improvement of the informational background served as the specific reasons for the current rebound trend, which may last for another couple of days.

According to Andrei Vernikov of Univer Capital, yesterday’s exchange of opinions between Russia and the U.S. and Russia’s promise of no risks of a full-scale war in Ukraine may give extra support to the Russian market.

End