Russian stocks may rise on oil price growth, better background

MOSCOW, Nov 16 (PRIME) -- Russian stocks may increase at the opening on Thursday amid growing oil prices and improved foreign background, analysts said.

“We expect the Russian stock market to open around 2,135–2,140 points at the MICEX index, assuming that amid improving foreign background this stock indicator may win back part of losses suffered over the past four trading days of reduction,” Oleg Shagov, head of the investment company Solid’s research department, said. On Wednesday, the MICEX closed at 2,131.75.

Vitaly Manzhos, a senior risk manager at investment company Nord Capital, expects the MICEX to grow 0.2–0.4% to around 2,140 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. $62 per barrel demonstrating a technical rebound after a 4-day reduction and publication of statistics data that pointed to growth of the U.S. oil reserves and a record high oil output in the country.

The leading U.S. stock index futures are rising and main Asian stock indicators are mostly demonstrating upward dynamics.

Investors will follow the central bank’s Chairwoman Elvira Nabiullina’s speech at the State Duma, the parliament’s lower house.

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