Russian stocks seen rising at opening on increasing oil prices

MOSCOW, Nov 18 (PRIME) -- The Russian stock market will likely grow on Monday at the start of the trading session as the oil prices formed a positive trend, analysts said.

“Continuation of the RTS Index growth is possible today at the start of trade. Favorable global oil price dynamics (despite its lower influence on the stock market in general) can draw investor attention to the shares of the oil and gas sector,” Olma senior analyst Anton Startsev said.

Alor Broker analyst Alexei Antonov said that oil prices firmed in a U.S. $61.5–63.5 per barrel range on a Baker Hughes report of a decrease in the number of drilling rigs in the U.S.

According to Finam analyst Sergei Drozdov, the support level for the MOEX Russia Index stands at 2,915 and 2,900. The resistance notch is 2,950 and 2,980. The local support level for the RTS index stands at 1,450 and 1,430, and resistance at 1,467.

Antonov said that Norilsk Nickel is under pressure from falling metal prices.

Gazprom is pressed by a decision to cancel the placement of Eurobonds because of a threat of legal attacks from Ukrainian energy holding Naftogaz Ukrainy, which may force the company to borrow at home at a higher price to support liquidity, the analyst said.

Lukoil remains a safe haven as a buyback program protects the shares from a dramatic fall, he said.

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