Russian stocks seen rising on oil prices' recovery

MOSCOW, Mar 29 (PRIME) -- The Russian stock market will likely open higher on Wednesday on the back of an upward correction in oil prices, analysts said.

"Purchases in Russian shares can persist today at the start of trade thanks to improvement in the oil price situation," Banki.ru’s senior analyst Bogdan Zvarich said.

"As a result, the MOEX Russia Index can attempt one more step towards the nearest resistance level of 2,500. The desire of some investors to take profit on their long positions in the Russian shares can be a factor limiting growth that may cause a start of a correction and a test of a long-term downward trend of last week."

The global market mood was moderately positive, according to the analyst. The key Asian floors added up to 1%, except the Chinese market that lost 0.1%. The main U.S. indices' futures corrected upwards by up to 0.5%. The nearest Brent ones rose 0.4% to U.S. $78.4 per barrel.

Alor Broker analyst Alexei Antonov said that the oil sector looked strong with Lukoil outperforming the rest of the shares on dividend expectations.

End