Russian stocks may increase on oil price, US market growth

MOSCOW, Mar 3 (PRIME) -- Russian stocks may increase at the opening on Thursday backed by a higher oil price and growth of the U.S. stock market, analysts said.

“The growth of the U.S. stock indices and oil quotations on the commodities market will contribute to an increase within 1.5% at the opening,” Denis Khripushin, an analyst at 2trade.ru, said.

Oleg Shagov, head of investment company Solid’s research department, expects the MICEX to open at around 1,835 points “assuming that amid favorable foreign conditions this stock indicator will try to resume its upward trend and again exceed the level of 1,840 points.” On Wednesday, the MICEX closed at 1,832.84.

“The influence of the key external factors that significantly affect the behavior of the Russian financial market is moderately positive today at the start of the day,” Shagov said.

Brent oil price rose to the level of U.S. $37 per barrel supported by reports about an ongoing reduction of the U.S. oil production. U.S. stock index futures are increasing and main Asian stock indicators are mostly demonstrating positive dynamics, the analyst said.

Premier-broker analyst Alexei Kozlov expects that the MICEX will stay in the range of 1,820–1,880 points during the day.

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