Russian stocks may rise after losses as oil price rebounds

MOSCOW, Mar 10 (PRIME) -- The Russian stock market is likely to erase Thursday’s losses at the opening on Friday on the back of an oil price recovery, analysts said.

“The Russian market is seeing a moderately positive external background before the opening, which will let Russian assets compensate a part of yesterday’s losses,” Finam analyst Bogdan Zvarich said.

Brent oil is fluctuating at about U.S. $52.5 per barrel, trying to reverse the earlier losses on information that the possibility of prolongation of an oil output cut agreement by OPEC has increased, Oleg Shagov, head of investment company Solid’s research department, said.

U.S. stock market futures and Asian markets are growing. The European premarket is signaling an increase during the start of the trading session. All these factors will contribute to a positive gap at the opening of the Russian trading session, he said.

The MICEX will likely open at 1,975–1,980 after closing at 1,974.24 on Thursday, Shagov said.

According to Shagov, the U.S. labor market data will be the key statistics release for Russian investors on Friday.

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