Russian stocks seen edging up on oil price growth

MOSCOW, Oct 27 (PRIME) -- The Russian stock market is to firm at opening on Friday on the back of an oil price rise, while expectations of a key rate increase by the central bank will limit the growth, analysts said.

"We expect more active purchases in the Russian securities at the start of trade. A better external background, and, in particular, recovery of the oil prices, may help the Russian market erase yesterday's losses," Bogdan Zvarich, senior analyst at financial marketplace Banki.ru, said.

"At the same time, expectations of a central bank decision on the key rate may hold down purchases," the analyst said.

The nearest Brent futures added 1.8% to U.S. $89.5 per barrel on Friday in the morning.

Vladislav Antonov, financial analyst of BitRiver said that the central bank is to raise the key rate to 14% in order to rein in inflation and support the ruble, which became 32% weaker against the U.S. dollar since the start of the year. At the same time, no significant strengthening of the national currency is to be seen in the coming weeks because of the remaining external risks.

The leading Asian markets grew by up to 1.8% in the morning, the key U.S. futures added 0.6%, which forms a positive background for the Russian session beginning, Zvarich said.

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