Russian stocks seen edging up on low volume as oil prices grow

MOSCOW, Dec 30 (PRIME) -- The Russian stock market will likely open with a small upward gap on Friday as the trade volume is seen low ahead of the New Year holidays, while the oil prices increased, analysts said.

"The external background before the start of trade in Russia is positive. Oil is rising in price, the Asian markets are growing. The year with its failures and anxiety is about to end. The future seems not as grim as the past," Otkritie Research leading analyst for global research Andrei Kochetkov said.

The oil prices demonstrated a small increase at the last trading session of the year, the analyst said, adding that China's lifting its COVID-19 restrictions and producers trying to hold the price levels, as well as hopes of Russian companies that the restrictions would create a deficit may create a background for a price rise in 2023.

According to Kochetkov, the Manufacturing Purchasing Managers' Index (PMI) surprisingly grew in December, supporting local market participants.

BitRiver financial analyst Vladislav Antonov said that the trade volume is seen low on Friday, and the MOEX Russia Index would likely consolidate near 2,145.

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