Russian stocks may rise supported by oil above $50/bbl

MOSCOW, May 26 (PRIME) -- Russian stocks may grow at the opening on Thursday backed by oil prices surpassing the level of U.S. $50 per barrel, analysts said.

“We expect a positive opening of the Russian stock market at the level of 1,900–1,905 at the MICEX index, assuming that amid favorable foreign background this stock indicator will continue winning back earlier suffered losses,” Oleg Shagov, head of investment company Solid’s analytical department, said.

The influence of the key factors that have a significant impact on the behavior of the Russian stock market is moderately positive today at the beginning of the day, Shagov said.

Brent oil price has risen above the psychologically important level of $50 per barrel on reports about a decrease of the U.S. oil production and reserves, the analyst said.

The U.S. stock index futures are slightly changing after a recent growth, while main Asian stock indicators are not showing single dynamics.

Vitaly Manzhos, a senior analyst at Bank Obrazovanie, expects the MICEX to grow 0.5% to 1,905–1,910 at the opening. The closest support levels will be 1,900 and 1,890, while 1,920 and 1,930 will act as resistance, he said.

Investors will follow statements by executives of top lender Sberbank and gas giant Gazprom later in the day, as well as oil company Bashneft’s dividend recommendations.

End