Russian stocks seen higher backed by oil price growth

MOSCOW, Jan 18 (PRIME) -- Russian stocks are projected to grow at the opening on Thursday receiving support from rising oil prices and a favorable foreign background, analysts said.

“We expect the Russian stock market to open at around 2,280 points at the MOEX Russia Index and do not rule out that amid improving foreign background this stock indicator can continue growth and renew its historic high,” Oleg Shagov, head of the investment company Solid’s research department, said. On Wednesday, the MOEX Russia Index closed at 2,277.89.

Olma senior analyst Anton Startsev said that an upward trend at the RTS index will remain at the start of trading amid high prices for oil.

The foreign background is moderately positive prior to the opening of trading in Russia, Shagov said.

Brent oil futures are fluctuating around U.S. $69.5 per barrel having received support from statistics data of the American Petroleum Institute (API), which pointed to a continuing reduction of the U.S. oil reserves.

The leading U.S. stock index futures are not changing much, and main Asian stock indicators are mostly demonstrating positive dynamics.

Among other corporate events, investors will follow publication of operating results by M.Video, Dixy, TransContainer, and Evraz later in the day.

End