Russian stocks may rise on growing oil prices, positive background

MOSCOW, Oct 16 (PRIME) -- Russian stocks may increase at the opening on Monday backed by a positive foreign background and growing oil prices, analysts said.

“We expect the Russian stock market to open around 2,100 points at the MICEX index, assuming to see its attempts to rebound from the psychological level in the future in order to continue growth trend,” Oleg Shagov, head of the investment company Solid’s research department, said. On October 13, the MICEX closed at 2,098.77.

Vitaly Manzhos, a senior risk manager at investment company Nord Capital, expects the MICEX to grow around 0.2–0.4% to 2,105 points at the opening.

The ultimate influence of key external factors that have a significant impact on the Russian financial market is moderately positive today, Shagov said.

Brent oil futures are fluctuating around U.S. $57.8 per barrel, rising on statistics data that showed a reduction of drilling activity in the U.S.

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

Investors will follow publication of operating results by Novolipetsk Steel (NLMK), Polymetal, and Etalon Group.

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