Russian stocks to open higher on oil price, U.S. stocks

MOSCOW, Sep 3 (PRIME) -- Russian stocks are likely to open higher on Thursday supported by an oil price spike on Wednesday and firmer U.S. stocks, analysts said.

“We expect the market to open with a notable increase of up to 0.5–0.7% of the MICEX index, close to a 1,700 mark. The closest important support levels will remain at 1,690 and 1,670, while 1,715 and 1,735 will act as resistance,” Vitaly Manzhos, senior analyst at Bank Obrazovanie, said.

The Dow Jones Industrial Average rose 1.82% on Wednesday, while the S&P 500 increased 1.83%. The Brent oil price eased 0.278% as of 8.59 a.m. Moscow time, but on Wednesday it gained about $1 rising to $50.5.

“We expect to see the Russian stock market opening today close to 1,695 of the MICEX index and a higher RTS index,” Oleg Shagov, senior analyst at investment company Solid, said.

Investors will track the Eurozone’s business activity data, U.S. jobless claims data and the European Central Bank’s decision on its monetary policy. The market expects the regulator to keep its rates intact, Shagov said.

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