Russian stocks may rise at opening on high oil prices

MOSCOW, Apr 9 (PRIME) -- Russian stocks may open higher on Tuesday as rising oil prices support trade in local shares, analyst said.

“We expect the MOEX Russia Index to open with a moderate increase of about 0.1–0.3% close to 2,565. The levels of 2,550 and 2,540 will act as the closest support, while 2,570 and 2,580 will become the resistance,” Vitaly Manzhos, senior risk manager at investment company Nord Capital, said.

The background for the Russian market is mixed or close to neutral as the U.S. stock index futures slid by up to 0.1%, Japan’s Nikkei225 grew by 0.1%, and Hong Kong’s Hang Seng rose by 0.2%. Still, significant Monday’s growth in oil prices creates conditions for an upward movement in the index, Manzhos said.

Georgy Vashchenko, head of investment company Freedom Finance’s department for trade operations on the Russian stock market, said that the MOEX Russia Index may grow by up to 1% and maintain the record high set on Monday as the oil prices continue their upward movement.

“The MOEX Russia Index finished yesterday’s trade at new historic highs and it may build on the success due to continuous positive trade in international floors and due to high oil prices. The market is capable of reaching 2,600 in the coming days not just due to the commodity prices, but due to an ongoing increase in Sberbank,” Vadim Kravchuk, analyst at investment company Solid, said.

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