Russian stocks may rise backed by oil prices, foreign positive

MOSCOW, May 15 (PRIME) -- Russian stocks are expected to significantly increase at the opening on Friday amid a positive foreign background and growing oil prices, analysts said.

“We expect the MOEX Russia Index to open with a significant increase of 0.4–1.5%, in the range of 2,600–2,630 points. The nearest support levels will be 2,590 and 2,580 points. The main resistance will be 2,640 and 2,650 points,” Vitaly Manzhos, senior risk manager at investment company Algo Capital, said.

The U.S. stock indices are rising by 0.1–0.3%, Brent oil futures added 2.2%, China’s Shanghai Composite grew 0.2%, and Japan’s Nikkei225 increased 0.7%.

Olma senior analyst Anton Startsev said, “Consolidation of the RTS Index near 1,100 points is possible in the short term. While estimates of the prospects for the oil market are gradually improving, the impact of the COVID-19 pandemic on the global economy remains a factor of uncertainty – new cases of the disease in China and Korea, as well as a surge in mortality in Texas, which began to relax social restrictions two weeks ago, reminded investors of the long-term nature of the threat.”

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