Russian stocks to rise as China rebounds, oil rises

MOSCOW, Jul 10 (PRIME) -- The Russian stock market will continue rising on Friday taking heart from strengthening Chinese stocks and the oil price, analysts said.

“In the conditions of an improved external background, the Russian stock market will try to continue today the increase which began a day earlier,” Oleg Shagov, senior analyst at investment company Solid, said.

China has succeeded in curbing the slide of the stock market, and on Friday morning, there was a massive rebound of prices with Russian investors heaving a sigh of relief, Shagov said.

Vitaly Manzhos, senior analyst at Bank Obrazovanie, said that hopes that the oil price will be supported by the absence of a final agreement on the Iranian nuclear program and the possibility that Western sanctions will remain in place.

The oil price growth will make Russian oil and gas companies the market leaders, Shagov said. Brent rose 0.99% to U.S. $59.19 per barrel at 8.49 a.m., Moscow time.

The financial sector will also be the bellwether, he said.

On Friday, Russian investors will also look at further debt proposals by Greece.

From the technical point of view, the MICEX will test a 1,630 resistance notch, Manzhos said.

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