Russian stocks may rise on oil price rebound, positive background

MOSCOW, Aug 13 (PRIME) -- Russian stocks may increase at the opening on Thursday, backed by an oil price rebound and positive foreign background, analysts said.

“We expect the market to open with an insignificant growth of around 0.2% at the MICEX index, near the level of 1,700 points,” Vitaly Manzhos, senior analyst at Bank Obrazovanie, said. 1,690 and 1,680 points will remain the nearest support levels, while 1,710 and 1,720 will be the resistance levels, he said.

Amid improving foreign background, the MICEX index can consolidate above the mentioned psychological level of 1,700 points, Oleg Shagov, senior analyst at investment company Solid, said.

The influence of the main factors on the Russian stock market is moderately positive today in the morning, Shagov said. “Brent oil prices are growing returning to the level of U.S. $50 per barrel. U.S. stock index futures are slightly increasing. Leading Asian stock indicators are mostly demonstrating upward dynamics,” he said.

In the second half of the day, traders’ mood will depend on the Brent oil price dynamics, Manzhos also said. The U.S. will also report on its July retail sales and the number of applications for unemployment benefits, which can also affect the Russian stock market, the analyst said.

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