Russian stocks may grow on oil price growth recovery

MOSCOW, Mar 26 (PRIME) -- The Russian stock market may rise at the opening on Thursday driven by growing oil prices, which surged to U.S. $59 per barrel late Wednesday after Saudi Arabia and its Gulf Arab allies began a military operation in Yemen, analysts said.

“Until the situation starts demonstrating signs of de-escalation, oil prices will continue growing, and the level of $60 per barrel could be tested already over the next few days,” Alfa-Forex analyst Andrei Dirgin said.

“We expect the market to open with a significant increase of around 0.5%, at the range of 1,620–1,625 at the MICEX index. The nearest support levels will be 1,600 and 1,590 points. And 1,640 and 1,650 points will be the resistant levels,” Nord-Capital analyst Vitaly Manzhos said.

During the first minutes of trading, the MICEX will outplay sharp improvement of moods on the oil market and can further grow to 1,630–1,640 points, Manzhos said.

The RTS index can show a growth of up to 1.5% at the opening backed by the ruble strengthening, while the MICEX index will open near the level of Wednesday’s close of 1,615.50, IT Invest analyst Vasily Oleinik said.

In the banking sector, traders’ attention will be focused on Sberbank’s financial results under International Financial Reporting Standards for 2014 to be released early on Thursday, Olma analyst Anton Startsev said.

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