Russian stocks may rise backed by oil price growth, foreign dynamics

MOSCOW, Apr 29 (PRIME) -- Russian stocks may open with a steady growth on Wednesday receiving support from rising oil prices and positive dynamics on Western bourses, analysts said.

“We expect the MOEX Russia Index to open with a significant increase of 0.7–1.1%, in the range of 2,630–2,640 points. The nearest support levels will be 2,610 and 2,600 points. The main resistance will be at 2,650 and 2,670 points,” Vitaly Manzhos, senior risk manager at investment company Algo Capital, said.

The U.S. stock index futures are growing by 0.8–1.3%, Brent oil is adding 3.3%, China’s Shanghai Composite added 0.2%, while the Japanese market is closed.

Olma senior analyst Anton Startsev said, “Growth of the RTS Index may continue at the start of trading today following oil prices and world stock indices.”

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