Russian stocks may increase amid oil price stabilization

MOSCOW, Jan 21 (PRIME) -- Russian stocks may open flat or slightly rebound at the opening on Thursday amid some stabilization of oil prices and mixed foreign background, though the possibility of a decline still remains, analysts said.

“We expect the Russian stock market to open at 1,630–1,635 points at the MICEX, assuming that amid mixed foreign background this stock indicator will fluctuate around the current levels, keeping track of such key factors as the oil price changes and the sinking ruble rate dynamics,” Oleg Shagov, head of investment company Solid’s research department, said.

On Wednesday, the MICEX closed at 1,630.39.

The foreign background is mixed prior to the Russian trade opening, with the U.S. stock index futures showing unusual volatility and main Asian stock indicators mostly decreasing, Shagov said.

“From positions of the technical analysis, the local “oversale” of the RTS index implies a possibility of short-term consolidation or a “rebound”, but does not annul the down trend of the index,” investment company Olma senior analyst Anton Startsev said.

There are some signs of stabilization in the foreign background, with oil prices being close to U.S. $28 per barrel, but the possibility of the market decline still remains, Startsev said.

The U.S. will release data on its oil reserves later on Thursday, which can influence trading on the oil market, he said.

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