Russian stocks may rise as high oil price supports local shares

MOSCOW, Aug 28 (PRIME) -- Russian stocks are likely to grow on Monday morning as the general background and a relatively high oil price is favorable for purchases, analysts said.

“From the point of view of technical analysis, growth above 1,050 of the RTS index looks like confirmation of an upward trend. The increase in the RTS index is supported by the weakening of the U.S. dollar and a favorable situation on the energy market,” Anton Startsev, a leading analyst at investment company Olma, said.

Investment company Veles Capital said in a research note that last week’s speech of U.S. Federal Reserve System’s Chairwoman Janet Yellen, which was bereft of specifics and called for mildness in regulatory decisions, will improve demand for risky assets on Monday, thus supporting Russian stocks.

“Under these circumstances, we expect that Russian market to consolidate slightly above the level of Friday’s closing, with the MICEX index trying to hold above 1,980,” Bodgan Zvarich, an analyst at investment company Finam said.

He also said that neither Europe nor the U.S. are to publish any important macro statistics meaning that the bulk of players are likely to take a break in investment decisions, which will lead to low volatility and a low volume of the trade.

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