Russian stocks may grow on rising oil, favorable background

MOSCOW, Sep 19 (PRIME) -- Russian stocks may increase at the opening on Monday supported by positive foreign background and rising oil prices, analysts said.

“We expect the Russian stock market to open positively at the level of 1,985 points at the MICEX index, assuming that after a sustained decline during seven trading sessions in a row this stock indicator will try to win back part of suffered losses,” Oleg Shagov, head of investment company Solid’s research department, said.

The market’s intraday dynamics will depend on the behavior of oil prices and Western stock indicators, as well as the ruble rate changes and ongoing events, the analyst said.

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 are growing on the back of OPEC states being close to an agreement to stabilize the oil market.

The U.S. stock index futures are growing, and main Asian stock indicators are demonstrating positive dynamics.

Olma senior analyst Anton Startsev said that “some increase at the RTS index is possible today at the start of trading thanks to softening foreign background. However, a stable growth still looks unlikely, as investors will prefer to wait for a 2-day meeting of the Federal Open Market Committee of the U.S. Federal Reserve System, which will take place on September 20–21 (Tuesday–Wednesday).”

End