Russian stocks to increase amid growing oil prices

MOSCOW, Feb 18 (PRIME) -- Russian stocks are projected to increase at the opening on Thursday backed by the oil price growth, analysts said.

“We expect the Russian stock market to open with an increase to 1,775–1,780 at the MICEX on the back of growing oil prices, assuming that this stock indicator will keep the growth trend seen over several last days,” Oleg Shagov, head of investment company Solid’s research department, said.

The influence of the key factors which significantly affect the behavior of the Russian financial market is moderately positive on Thursday morning. Brent oil prices continue growing and are currently fluctuating around the level of U.S. $35 per barrel as many countries supported a proposal by Russia and Saudi Arabia to freeze oil output at January levels, Shagov said.

The U.S. stock index futures are increasing and main Asian stock indicators are mostly demonstrating positive dynamics.

“A growth may continue at the start of trading today,” Anton Startsev, senior analyst at investment company Olma, said.

Vitaly Manzhos, senior analyst at Bank Obrazovanie, expects the MICEX to increase 0.5–0.7% to around 1,780 at the opening. 1,760 and 1,750 will be the nearest support levels, while the resistance levels will be 1,790 and 1,800, he said.

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