Russian stocks to rise again on ongoing support from oil prices

MOSCOW, Dec 19 (PRIME) -- The Russian stock market is likely to start the Tuesday trading session higher again thanks to rising oil prices, analysts said.

“The MOEX Russia Index showed stable growth on Monday and climbed to 3,076. We expect purchases to prevail at the start of the trading session today as they will be supported by further recovery of the energy market. As a result, the MOEX Russia Index may try to make one more step toward 3,100,” financial marketplace Banki.ru’s senior analyst Bogdan Zvarich said.

The shortest futures for the Brent oil price gained 0.2% to slightly above U.S. $78 per barrel, he said, adding that later in the day investors would focus in inflation data from the E.U. and on the U.S. statistics on housing construction permits.

Cifra Broker said in a research note that the external background for the Russian market was positive -- the Japanese index Nikkei 225 gained 1.06%, while the Chinese index Shanghai Composite eased by 0.09%, the analysts said.

“The MOEX Russia Index growth continued (on Monday) after a rebound, and reduced the risk of the index going below 3,000. The consumer market and the transportation sectors were the gain leaders yesterday. Now the buyers have a new challenge of taking 3,100, and we should track the important support level of 3,050. If the market fails to stay above it, we will close the yesterday gap and the risks of the market returning to 3,000 increase,” BitRiver’s financial analyst Vladislav Antonov said.

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