Russian stocks to increase on oil price rebound to $31
MOSCOW, Feb 12 (PRIME) -- The Russian stock market will grow on Friday as oil prices grew to U.S. $31 after a plunge below a psychologically important threshold of $30, analysts said.
“The influence of the key factors which significantly affect the Russian financial market’s behavior is moderately positive today at the start of the day under our estimates,” Oleg Shagov, the head of investment company Solid’s research department, said.
“A pause in the decrease is possible today at the start of trading on the back of stabilization of global oil prices,” Anton Startsev, a senior analyst at investment company Olma, said.
The other factors are not so strong: the key Asian markets are falling, while the Chinese trading floor is closed for holidays. The U.S. indices’ futures are gaining on Friday in the morning, analysts said.
The MICEX will open at about 1,730. The nearest support levels will be 1,710 and 1,700 and the resistance ones 1,740 and 1,750, Vitaly Manzhos, a senior analyst at Bank Obrazovanie, said.
Startsev said that the RTS can resume the decline later on Friday. Shagov said that the MICEX will again see a rebound which emerged on Thursday but then faded.
The recovery of foreign markets after Thursday’s selloffs can boost asset price growth in Russia, Pavel Salas, general director for Russia and CIS at brokerage company eToro, said.
The volatility on Russian trading floors can grow in the evening after U.S. retail figures and European statistics have been published, Manzhos said.
A meeting of the finance ministers of the euro zone will also provide important information for investors, Roman Tkachuk, senior analyst of Okey Broker, said.
Kamaz’s shares will grow confidently as President Vladimir Putin is coming to the plant, Tkachuk said.
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