Russian stocks to rise as oil firms, markets ready for Christmas

MOSCOW, Dec 23 (PRIME) -- The Russian stock market is likely to rise at the beginning of Thursday’s main trade session on higher oil and ahead of Western Christmas holidays, analysts said.

“On Thursday morning, the positive mood on the global markets persists. The key Asian indices price in the successful Wednesday trading session in the U.S., the price of the Brent blend firmed, and the futures for the U.S. and European indices trade higher,” Vladimir Solovyov, senior analyst at Promsvyazbank, said.

Thursday is the last trading day on the Western floors before the long Christmas holidays, and a moderately optimistic market mood should prevail on all markets. The MOEX Russia Index may trade in the range of 3,750–3,800 receiving support from the external background and rising oil prices, Solovyov said.

“Taking the external background into account, we expect purchases to dominate the Russian market at the start of the main session, which will allow our market to continue an upward movement,” Bogdan Zvarich, senior analyst at financial supermarket Banki.ru, said.

“At the start of the day, the MOEX Russia Index may overshoot the peaks of the previous weeks that were set slightly above 3,755, which favors further recovery with the closest goal of 3,850.”

Solovyov also said that there were many important news to be released -- consumer spending and income, the PCE basic index, and the U.S. durables for November, he said.

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