Russian stocks seen growing on US economic support advancement

MOSCOW, Mar 1 (PRIME) -- The Russian stock market will likely open higher on Monday in the wake of a passage of a U.S. economy support program through the House of Representatives, analysts said.

"Global investors were happy about the approval of U.S. $1.9 trillion injections in the U.S. economy by the House of Representatives of the Congress, and started to buy assets that sagged strongly over the last few days. The effect will probably be short lived because last week many saw this money as a source of greater inflation risks," Alor Broker analyst Alexei Antonov said.

"But we should expect a higher opening today, which does not cancel the downward trend."

According to Antonov, the oil prices grew by 1.5% in the morning, breaking through a $65 level but a downward correction can restart anytime and pressure the oil and gas sector.

Senior analyst at Promsvyazbank Bogdan Zvarich said that the markets will continue to track advancements in adoption of the new U.S. economy support plan and assess its effect on inflation.

Zvarich said that the coronavirus news will continue to influence the market trends and that the emergence of new stems of the virus can ruin the hopes for soon defeat of the pandemic.

Norilsk Nickel that dropped on environment issues is to recover somewhat, and the dynamics will depend on the environmental damage assessment, Antonov said.

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