Russian stocks seen increasing at opening on high oil prices

MOSCOW, May 4 (PRIME) -- The Russian stock market is to edge up at opening on Friday as oil prices remain close to long-term highs, analysts said.

“The state of the external background before the start of trade in Russia can be called vague. At the same time, a noticeable growth of the MOEX Russia Index and the RTS Index futures creates conditions for a positive start of the local trade,” Vitaly Manzhos, a senior risk-manager at investment company Nord Capital, said.

Russian indices fell on Thursday on the back of a decline of oil futures and a lower opening of the U.S. trading session but they erased their losses after the closing of the Russian trading session, Manzhos said.

The Brent price remains close to long-term maximums, which is a positive factor for the Russian market, he said.

As a result, the MOEX Russia Index is expected to open at about 2,280–2,285. The levels of 2,270 and 2,260 are expected to be the closest support levels and the levels of 2,290–2,300 the resistance ones.

Andrei Kochetkov, an analyst at Otkritie Broker, said that a significant strengthening of the ruble will possibly favor a positive dynamics of RTS.

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