Russian stocks seen rising as oil price, US mkt futures increase

MOSCOW, May 8 (PRIME) -- The Russian stock market will likely open higher on Friday as the oil price has started to recover in the morning after Thursday's fall, and the U.S. stock market futures continued to rise, analysts said. 

"In these conditions, we expect the stock market opening with a 0.5–0.7% rise. But yesterday's scenario can repeat: the market can start to fall again after lunch. Besides its fundamental weakness, the Friday factor will favor sales exacerbated by an extra holiday on Monday," Alor Broker’s analyst Alexei Antonov said.

Sergei Drozdov, analyst at investment company Finam, said that the Brent prices surged on Thursday on the news that Saudi Aramco raised prices for the Asian, European and American buyers but in the evening, the prices fell by 1.54% to U.S. $29.41. On Friday morning, the oil prices recovered with Brent growing 3.29% to $30.43.

The U.S. stock market closed with moderate optimism and the S&P 500 index added 1.15% on market hopes that the tough times for the American economy will soon end, and unemployment will start to fall on the back of a gradual relaunch of stores. The U.S. stocks futures rose on Friday morning.

Drozdov put the MOEX Russia support level at 2,627 and 2,600, and the resistance at 2,668 and 2,700. The RTS support is 1,093 and 1,080, and resistance 1,130 and 1,147.

He said that the U.S. labor market statistics will be in the focus of investor attention.

According to Antonov, Norilsk Nickel will outperform the market during the session start due to a platinum and palladium price rise.

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