Russian stocks may rise on growing oil prices, neutral background

MOSCOW, Sep 8 (PRIME) -- Russian stocks may grow at the opening on Tuesday on the back of increasing oil prices and a neutral foreign background, analysts said.

“We expect the market to open with a moderate increase of around 0.3–0.5% at the MICEX index, at the level of 1,705–1,710 points,” Vitaly Manzhos, senior analyst at Bank Obrazovanie, said. He added that 1,690 and 1,670 points will be the closest support levels, while 1,715 and 1,735 points will be the resistance levels.

“The influence of the key external factors, which have a significant impact on the Russian finance market, is close to neutral at the start of the day today, under our estimates,” Oleg Shagov, head of analytical department at investment company Solid, said.

After Monday’s decline, Brent oil prices are trying to maintain the level of U.S. $48 per barrel amid the ongoing oversupply on the oil market. U.S. stock index futures are slightly increasing, while Asian stock indicators do not show unified dynamics, he said.

“A suspension of a downward correction at the RTS index and a short-term stabilization of the dollar-ruble pair below the psychologically important mark of 70 are possible at the start of trading today,” investment company Olma’s senior analyst Anton Startsev said. But there are no reasons for a revival of a stable growth yet, he said.

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