Russian stocks may slightly grow as oil prices stabilize

MOSCOW, Dec 8 (PRIME) -- Russian stocks may open flat or slightly increase at the opening on Thursday supported by an improved foreign background and stabilized oil prices, analysts said.

“We expect the Russian stock market to open at around 2,160 points at the MICEX index, assuming that this stock indicator will continue fluctuations around current levels reacting to changes of the foreign background and ongoing events,” Oleg Shagov, head of investment company Solid’s research department, said.

The ultimate influence of key external factors that have an impact on the Russian financial market is moderately positive at the beginning of the day, Shagov said. Brent oil futures have stabilized at around U.S. $53 per barrel in expectation of a meeting of OPEC states with representatives of non-OPEC oil producing countries.

The U.S. stock index futures are slightly growing, and main Asian stock indicators are mostly demonstrating positive dynamics.

Vitaly Manzhos, a senior analyst at Bank Obrazovanie, expects the MICEX to grow 0.3–0.4% to 2,165–2,170 at the opening. The nearest support levels will be 2,150 and 2,140, and 2,170 and 2,180 points will act as resistance. News about privatization of oil major Rosneft will be a stimulus for positive opening of the market, the analyst said.

Among other events, investors will monitor decisions by the European Central Bank (ECB) on monetary policy on Thursday.

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