Russian stocks to grow on rising oil price, Chinese imports

MOSCOW, Sep 8 (PRIME) -- The Russian stock market will demonstrate positive dynamics at the opening of the trading session on Thursday on the back of an oil price increase and release of a Chinese report showing an imports rise, analysts said.

“The external background is still quite favorable, which gives us the reason to assume a possibility of continuation of an RTS index increase,” Anton Startsev, Olma’s senior analyst, said.

Oleg Shagov, head of investment company Solid’s research department, said that oil prices are growing since the American Petroleum Institute (API) said that there was a profound reduction of the U.S. oil reserves.

The Chinese trade balance data, showing an imports increase in August, will also support the Russian market, Startsev said.

The MICEX is likely to open at 2,055–2,060, Shagov said.

The oil statistics by the U.S. Energy Department and statements on the credit policy by the European Central Bank will be the key drivers of the trends on the Russian market later on Thursday, Shagov said.

Intraday dynamics will also depend on the Western markets, changes of the ruble rate and speeches by officials of the Russian central bank and Sberbank, he said.

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