Russian stocks to grow on high oil price, rising foreign markets

MOSCOW, Feb 16 (PRIME) -- The Russian stock market is expected to grow on Friday at the start of the trading session on the back of a high oil price and growing foreign stock market indices, analysts said.

“Continuation of a RTS index increase is possible today at the start of trading on the back of external background influence. A certain decrease in buyer activity is possible throughout the day as the end of the trading week approaches but no reasons for a downward turn have emerged,” Olma senior analyst Anton Startsev said.

Oleg Shagov, head of the investment company Solid’s research department, said that the external background is positive as the Brent oil price is fluctuating close to U.S. $64.7 per barrel. U.S. stock market futures are growing, as well as key Asian indices. The European premarket signals an increase later in the day.

The MOEX Russia Index is expected to open at about 2,275 after closing at 2,265.45 and can continue the rise, he said.

A meeting of President Vladimir Putin with CEO of Gazprom Alexei Miller and statements from the ongoing investment forum in Sochi are expected to be key events on Friday, according to Shagov.

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