MOSCOW, Sep 5 (PRIME) -- The Russian stock market will likely increase at the opening on Monday because of rising oil price and foreign markets, analysts said.
"Speaking about the global market mood on Monday morning, it can be characterized as moderately positive. The leading Asian floors decrease by up to 0.3%, reflecting the Friday closure in the U.S. The Indian market, rising by 0.5%, is an exception. The key U.S. indices' futures gain 0.1%. The nearest Brent futures grow by 2.1% to about U.S. $95 per barrel," senior analyst at financial supermarket Banki.Ru Bogdan Zvarich said.
Vitaly Manzhos, senior risk manager at investment company Algo Capital, put the MOEX Russia Index opening range estimate at 2,475–2,495. The nearest support levels are seen at 2,470 and 2,450, the resistance at 2,500 and 2,520.
Zvarich said that statements by representatives of the U.S. Federal Reserve System (Fed) hinting at a key rate rise to 4% will pressure many market assets later on the week. A possible key rate rise by 50 basis points by the European Central Bank later in the week has been priced in by investors, which may allow the markets to start to recover.
The U.S. market will be closed for Labor Day celebrations.
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