Russian stocks seen growing on oil price, foreign market rise

MOSCOW, Sep 15 (PRIME) -- The Russian stock market will likely increase at the start of the Wednesday trading session on the back of a positive dynamics of oil prices and foreign markets, analysts said.

"The MOEX Russia Index can reset its high, close to the historical peak, in the first minutes of the trade with a support of an improved external background. It is highly likely to enter a phase of consolidation afterwards on expectations of new significant signals for a clear trend," Vitaly Manzhos, senior risk manager at investment company Algo Capital, said.

Manzhos estimated the upward gap at the opening at 0.1–0.4% to 4,060–4,070. The levels of 4,050 and 4,040 will be the nearest support ones and the levels of 4,080 and 4,090 the resistance ones.

He said that the background for the session start is moderately positive as U.S. stocks futures grew by 0.2–0.3%. Brent price grew 0.6%. Gold futures lost 0.1%, China's Shanghai Composite increased 0.3%, Japan's Nikkei 225 shed 0.4%.

Alor Broker senior analyst Alexei Antonov said that a report on inflation published on Tuesday signaled a lower than expected dynamics, which sparked hopes that the U.S. Federal Reserve System (Fed) would postpone the start of reduction of economic stimuli.

End