Russian stocks may rise amid oil price growth, mixed background

MOSCOW, Jun 16 (PRIME) -- The Russian stock market may moderately increase at the opening on Wednesday amid rising oil prices and a mixed foreign background and in anticipation of a meeting between the Russian and U.S. presidents, analysts said.

“We expect the MOEX Russia Index to open with a moderate increase within 0.1–0.5%, in the range of 3,825–3,840 points. The nearest support levels will be 3,810 and 3,800 points. The main resistance will be at 3,850 and 3,870 points,” Vitaly Manzhos, senior risk manager at investment company Algo Capital, said.

After a moderately positive opening, the MOEX Russia Index will likely move into a consolidation state, as market participants will be waiting for news about the upcoming meeting of the Russian and U.S. presidents, the analyst said.

Before the start of trading in Russia, the U.S. stock index futures are moderately mixed within 0.1%, Brent oil futures grew 0.7%, China’s Shanghai Composite edged down 1.0%, and Japan’s Nikkei225 lost 0.5%.

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