Russian stocks may rise as Fed keeps key rate, oil grows

MOSCOW, Sep 22 (PRIME) -- Russian stocks may rise at Thursday opening as the U.S. Federal Reserve System (Fed) on Wednesday decided to keep its key rate flat and not to hurry with toughening of its monetary policy, while oil prices grew on recent U.S. oil reserves data, analysts said.

“A slight increase of the RTS index is possible today at the beginning of trade due to the influence of external factors. The Fed’s comment prompted a favorable reaction of global investors as the regulator will not hurry to rise its interest rates,” Anton Startsev, a senior analyst at investment company Olma, said.

The Brent oil price grew 0.826% to U.S. $47.22 per barrel as of 9.05 a.m. Moscow time.

“Today, investors at the local market will react to the Fed’s decision, which had a moderately positive impact on dynamics of key assets at global floors. The ruble-denominated assets will also be supported by the ongoing tendency for growth of oil prices,” Ilya Frolov, a senior manager for analysis of stock markets at Promsvyazbank, said.

Pavel Salas, general director for Russia and CIS at brokerage company eToro, said the oil market grew on the back of Wednesday’s U.S. data on oil reserves, as the crude reserves in the U.S. underground storages fell by 6.2 million barrels, while the market expected a 3.2 million barrel growth.

“We expect the market to open with a noticeable increase of up to 0.5% of the MICEX index close to the 2,005 point mark. The levels of 1,990 and 1,980 points will remain as closest support, while the 2,010 and 2,020 point marks will act as significant resistances,” Vitaly Manzhos, a senior analyst at Bank Obrazovanie, said.

The background for the Russian stock market is positive due to the Fed’s key rate decision. In the second half of the day, the U.S. jobless claims data statistics and secondary housing sales data may have an impact on the local market, Manzhos said.

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