Russian stocks may rise on favorable foreign, local background

MOSCOW, Jul 24 (PRIME) -- The Russian stock market can edge up at the opening and during the day on Thursday thanks to rising crude prices and a weak ruble, analysts said.

“The MOEX Russia Index is highly likely to open with a rise of 0.1–0.3% and spend the session within the range of 2,918–2,950,” BitRiver financial analyst Vladislav Antonov said.

The external environment looks favorable, he added.

Alexei Golovinov, chief analyst at PSB Bank, expects the benchmark to test the 2,950 mark thanks to rising crude prices with the Brent oil price increasing to more than U.S. $80 per barrel on July 21, and a weak ruble.

The energy and the IT sectors can perform better than the market, he added.

Antonov said that the recent hike of the central bank’s key rate to 8.5% can support the ruble. The national currency will be additionally backed by the peak taxation period this week and can demonstrate strengthening.

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