Russian stocks may recover on weak ruble, growing oil prices

MOSCOW, Dec 22 (PRIME) -- The Russian stock market may recover on Thursday at the opening thanks to a weak ruble and growing oil prices, analysts said.

“The Russian market tried to rebound from lows on ruble weakness, but remains weak. We expect the MOEX Russia Index to consolidate in the range of 2,100–2,150 points by the end of the week,” BitRiver financial analyst Vladislav Antonov said.

He also said that ruble “is rapidly losing ground” before the Christmas holidays in the U.S. and Europe, and does not even see the effect of the tax period.

The pressure on the position of the national currency remained, while trading activity in the dollar with tomorrow settlements remained elevated, senior analyst at financial supermarket Banki.Ru Bogdan Zvarich said.

“Apart from declining Russia’s export revenues (which the dollar exchange rate is adjusting to), an additional demand for the currency is formed by individuals on the eve of the January holidays,” he said.

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