Russian stocks may hit new record highs on favorable background

MOSCOW, Mar 11 (PRIME) -- The Russian stock market will likely open higher and may hit new record highs on Thursday thanks to a positive environment on global stock exchanges and strengthening oil prices, analysts said.

“From the technical point of view, the MOEX Russia may open gap up to break through the support level of 3,510.49 and consolidate at new highs,” Artemy Shamshukov, analyst at investment company Finam, said.

The external background is positive for the domestic stock market, he added. The core U.S. indices and Asian bourses are trading higher, and the Brent oil price added 0.9% to U.S. $68.5 per barrel.

Alor Broker analyst Alexei Antonov said that the MOEX Russia Index may reach new record highs if the external environment stays positive.

Russian traders will also follow 2020 financial results, released by TCS Group, which includes Tinkoff Bank, national flagship air carrier Aeroflot, metals and mining group Mechel, Beluga Group, one of Russia’s leading producers of alcohol, and power company TGC-1.

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