Russian stocks may grow on high oil, positive background

MOSCOW, Mar 30 (PRIME) -- Russian stocks may increase at the opening on Friday amid a moderately positive foreign background and growing oil prices, but investor activity will be low due to Easter holidays in Europe and the U.S., analysts said.

“Dynamics on the energy market, where the Brent oil price again rose above U.S. $70 per barrel, will be the main reason for purchases in our shares,” Freedom Finance senior analyst Bogdan Zvarich said.

The Russian market will be also supported by the situation on foreign stock floors, where the U.S.’ indices Dow Jones and S&P500 grew by 1.1% and 1.4%, respectively, on Thursday. Japan’s Nikkei225 is adding 1.3% and China’s Shanghai Composite is growing by 0.4%.

“In the given circumstances we expect growth of the Russian market at the start of trading, which will allow the MOEX Russia Index to rise over 2,280 points already in the first minutes,” Zvarich said.

The European and the U.S. stock markets will be closed due to Good Friday, which will decrease investor activity, he added.

Olma senior analyst Anton Startsev said, “An outlined rebound on the RTS index can continue today at the start of trading, but major movements during the day are unlikely, taking into account absence of non-residents due to the Easter holidays in the U.S. and Europe.”

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