Russian stocks may rise on oil price growth, positive background

MOSCOW, Oct 9 (PRIME) -- The Russian stock market is expected to increase at the opening on Friday amid growing oil prices and positive foreign background, analysts said.

“We expect the market to open with a significant increase of around 0.5–0.8% at the MICEX index, around the level of 1,700 points,” Vitaly Manzhos, senior analyst at Bank Obrazovanie, said. The nearest support levels will be 1,690 and 1,680 points, while 1,710 and 1,720 will be resistance levels, he said.

“Under our estimates, the influence of the main external factors that have a significant impact on the Russian financial market dynamics is positive today at the start of the day. Brent oil futures have managed to surpass the level of U.S. $53 per barrel and are continuing to grow,” Oleg Shagov, head of the research department at investment company Solid, said. U.S. stock market futures are growing and Asian stock indicators are mostly demonstrating positive dynamics, he said.

In the wake of increasing oil prices, the Russian ruble has big chances to continue strengthening against the U.S. dollar, the analyst said.

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