Russian stocks may rise backed by oil price growth

MOSCOW, Feb 15 (PRIME) -- Russian stocks may increase at the opening on Thursday backed by high oil prices, but the growth could be limited by expectations of new U.S. sanctions, analysts said.

“We expect the Russian stock market to open with an upward gap to around 2,265–2,270 points at the MOEX Russia Index, assuming that this stock indicator is capable of continuing growth amid a favorable foreign background,” Oleg Shagov, head of the investment company Solid’s research department, said. On Wednesday, the MOEX Russia Index closed at 2,257.95.

The market growth could be limited by the U.S. Treasury Secretary Steven Mnuchin’s promise to introduce new sanctions against Russia soon.

The foreign background is positive prior to the opening of trading in Russia, Shagov said.

Brent oil futures are moving to U.S. $65 per barrel supported by Saudi Arabia’s announced intention to reduce oil production and exports in March to cut excessive offer on the market.

The leading U.S. stock index futures are growing, while main Asian stock indicators are mostly demonstrating positive dynamics.

Investors will follow publication of financial results by Polyus, Yandex, Cherkizovo, and AvtoVAZ, as well as news from the Russian Investment Forum that opens in the Black Sea resort of Sochi.

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