Russian stocks may grow on oil price rebound, better background

MOSCOW, Jun 20 (PRIME) -- Russian stocks may increase at the opening on Wednesday amid an overall improvement of the foreign background and an oil price rebound, analysts said.

“We expect the MOEX Russia Index to open with a significant increase of around 0.5%, near the level of 2,235 points,” Vitaly Manzhos, senior risk manager at investment company Nord Capital, said. The nearest support levels will be 2,220 and 2,210 points, while 2,240 and 2,250 points will act as resistance.

Before the start of trading in Russia, the U.S. stock index futures rose by up to 0.4%, Brent oil futures added 0.5%, gold futures lost 0.2%, Japan’s Nikkei225 grew 1.1%, and Hong Kong’s Hang Seng increased 1.4%, Manzhos said.

Olma senior analyst Anton Startsev said that a rebound is possible on the RTS index at the start of trading following oil prices. “According to recent media reports, prospects of a gradual increase of production under the OPEC+ deal do not look decisive anymore, which gives grounds for a reduction of speculative sales of oil futures,” he said.

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