Russian stocks may rise on high oil prices, falling ruble

MOSCOW, Sep 28 (PRIME) -- The Russian stocks are likely to grow on Thursday morning because of a support by high oil prices and expectations of a fall of the ruble’s exchange rate after the end of the tax payment period, analysts said.

“We expect purchases to prevail in the Russian shares at the start of the trade today supported by the trend on the market of energy sources where the closest futures for the Brent oil blend have once again climbed up to the upper threshold of the range of U.S. $90–95 per barrel,” financial marketplace Banki.ru’s senior analyst Bogdan Zvarich said.

As a result, the MOEX Russia Index will make another attempt to get above the resistance level of 3,075, and it may restart an upward trend, Zvarich said.

“Taking into account the fact that the peak of tax payments falls for today, the ruble will be left without support, therefore the MOEX Russia Index is more likely to recover than to crash,” BitRiver’s financial analyst Vladislav Antonov said.

An increase of geopolitical risks and a consistent demand for imports continue exerting pressure on the ruble, Antonov said.

Analysts of Cifra Broker said in a research note that the foreign stock floors were in the red zone on Thursday morning with the Japanese index Nikkei 225 losing 1.7% and the Chinese index Shanghai Composite falling by 0.1%, but the growth of oil prices may support the mood of investors on the Russian market.

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