Russian stocks may grow at opening in line with oil prices

MOSCOW, Nov 22 (PRIME) -- Russian stocks may increase at the opening on Tuesday in line with oil prices growing in anticipation of an oil production freeze agreement, analysts said.

“We expect the Russian stock market to open in a positive way at around 2,070 points at the MICEX, assuming that amid a favorable foreign background this stock indicator may further continue growth and reach new historic highs,” Oleg Shagov, head of investment company Solid’s research department, said. On Monday, the MICEX closed at 2,058.77.

The ultimate influence of key external factors that have an impact on the Russian financial market is moderately positive at the beginning of the day, he said. Brent oil futures grew above U.S. $49 per barrel on the back of signals that major oil producing countries are ready to reach an oil production freeze agreement in November, Shagov said.

The leading U.S. stock index futures are growing, and main Asian stock indicators are mostly growing.

Vitaly Manzhos, a senior analyst at Bank Obrazovanie, expects the MICEX to grow around 0.4% to 2,065–2,070 at the opening. The nearest support levels will be 2,050 and 2,040 and resistance zones will be 2,075 and 2,090, he said.

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