Russian stocks to grow on higher oil, positive foreign background

MOSCOW, Nov 19 (PRIME) -- Russian stocks may increase at the opening on Thursday supported by an oil price growth, overall positive foreign background, signs of economic recovery and hopes for better relations with the West, analysts said.

“We expect the Russian stock market to open at 1,820 points at the MICEX index today, assuming that an uptrend in this stock indicator will develop today amid a favorable foreign background,” Oleg Shagov, head of the research department at investment company Solid, said.

The influence of the key factors that significantly affect the Russian financial market is moderately positive at the start of the day, the analyst said. Brent oil futures have increased and are now fluctuating at around U.S. $44.5 per barrel.

U.S. stock index futures are continuing growing, and main Asian stock indicators are demonstrating mostly positive dynamics.

Signs of the Russian economic recovery and expectations of improved relations with the West will support the stock market growth, Shagov said.

The market will continue growing at the opening amid softened concerns over the U.S. Federal Reserve’s monetary policy, investment company Olma’s senior analyst Anton Startsev said. The increase of the key rate will be gradual, as follows from the meeting of the Federal Open Market Committee, he said.

Vitaly Manzhos, a senior analyst at Bank Obrazovanie, expects the MICEX to grow around 0.3% to 1,815 points at the opening. The nearest support zones will be 1,810 and 1,800, while the resistance zones will be 1,820 and 1,840, the analyst said.

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