Russian stocks seen rising slightly as oil prices resume growth

MOSCOW, Sep 25 (PRIME) -- The Russian stock market will likely increase marginally on Monday at the start of the session on the back of a resumption of growth of oil prices, analysts said.

"There are but a few drivers for the market growth. The ruble is demonstrating a weakness, which is favorable for the exporters, but we do not think that the authorities will allow it to sink too low," Alor Broker analyst Alexei Antonov said.

The analyst said that high oil prices stopped supporting the Russian stock market, and Rosneft was among the examples, as the security fell 8.7% over the last week. "A stronger weekly decline was registered in September 2022 for the last time," Antonov said.

The new tax on exporters would take away a part of revenue of metals and fertilizers producers from the ruble exchange rate, he said adding that the tax would not damage the budgets of the payers.

Senior analyst at financial supermarket Banki.Ru Bogdan Zvarich said that purchases might prevail in the Russian shares at the start of the session, as oil prices resumed a growth adding 0.3% to U.S. $92.3 per barrel.

The foreign stock market moods were moderately positive, as the leading Asian markets lost up to 0.4% except the Japanese market rising 1%. The key U.S. indices' futures rose 0.3%.

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