Russian stocks may rise at opening on growing oil prices

MOSCOW, Apr 18 (PRIME) -- The Russian stock market may rise at opening on Tuesday on growing oil prices, analysts said.

“Today at the start of trading, despite yesterday's correction in oil prices, buying in Russian equities could persist. This would allow the MOEX Russia Index to test the nearest resistance, located at the level of 2,600 points,” senior analyst at financial supermarket Banki.Ru Bogdan Zvarich said.

However, the sales may activate during the session as part of profit taking, which will lead to compensation of the morning growth and transition of the MosSWI index to a corrective decrease, Zvarich added.

The nearest Brent crude oil futures, after a corrective decline on Monday, has moved to recovery, gaining 0.4% and trading around U.S. $85.1 per barrel, the analyst also said.

According Otkritie Research’s leading analyst for global research Andrei Kochetkov, a positive for Russian oil companies is the growing probability to break the price cap set by the G7 and the E.U.

The market is able to continue growing, as its dividend attractiveness has noticeably increased amid slowing inflation, the analyst added.

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