Russian stocks seen growing on oil price, Asian markets’ rise

MOSCOW, Sep 9 (PRIME) -- The Russian stock market will likely open higher on Monday on the back of rising oil prices and Asian markets, analysts said.

“Everything says this morning that growth will resume: the Asian markets are in the green zone, the U.S. futures edge up, oil is trying to consolidate above a U.S. $62 per barrel level. Large investors are still reflecting abating fears that a trade agreement between the U.S. and China will not be reached and are waiting for positive news from the negotiations,” Alor Broker analyst Alexei Antonov said

Analysts of investment company Solid said that China agreed to buy U.S. agricultural products “to confirm its intent to sign the deal and at least partially recover a noticeable fall of the trade volume of the two states, which amounted to 13.9% from January till August,” the analysts said.

A scenario of no-deal Brexit is no longer on the agenda as the U.K. parliament passed a draft law prohibiting quitting the E.U. without a deal even if no consensus is reached, the Solid analysts said.

Oil prices continued to grow after Baker Hughes reported a decrease in the number of drilling rigs, the analysts said.

Georgy Vashchenko, head of investment company Freedom Finance’s department for trade operations on the Russian stock market, put the MOEX Russia Index guidance at 2,750–2,800.

Antonov said that the oil and gas sector is to be the market leader on Monday as the shares participated only weakly in a previous market growth and will catch up with the rest of the blue chips. Surgutneftegas can correct downwards after a 30% surge last week.

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