Russian stocks seen growing on easing quarantine, oil price rise

MOSCOW, May 18 (PRIME) -- The Russian stock market will likely increase on Monday at the start of the trading session, following foreign markets that firmed on the news about easing of quarantines in the U.S. and Europe, and higher oil prices, analysts said.

"A certain increase of the RTS Index is possible today at the start of the day. Traders on the global stock and commodities markets have quite an optimistic outlook and expect the fastest launch of the economy of the developed countries (the authorities of the State of California said that 75% of the economy will be restarted, and several European states started to ease social restrictions gradually)," Olma senior analyst Anton Startsev said.

He said that nevertheless, there is not enough reason for stocks to quit consolidation.

Sergei Drozdov, analyst at investment company Finam, said that the U.S. stock market closed higher on May 15, with S&P 500 rising by 0.39%. Brent added 4.4% to U.S. $32.74 on Baker Hughes comment that the number of drilling rigs decreased by 34 to 258, he said.

On Monday morning, Brent grew 3.05% to $33.49 as of 9:14 a.m., Moscow time.

Drozdov put the MOEX Russia Index support estimate at 2,560 and 2,518, resistance at 2,630 and 2,650. The local RTS support is seen at 1,100 and 1,080, resistance at 1,133.

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