Russian stocks to rise as oil prices stabilize

MOSCOW, Dec 1 (PRIME) -- The Russian stock market is likely to open slightly higher as Wednesday’s growth of oil prices and their stability on Thursday morning support the market, analysts said.

“Today the Russian stock market will try to switch to recovery. Better investor appetite for risky assets and the stable situation on the energy market will support purchases in Russian shares. As a result, the MOEX Russia Index may climb to the range of 2,180–2,200 at the beginning of trade,” Banki.ru senior analyst Bogdan Zvarich said.

The external background was positive as the Asian bourses gained 1%, while futures for the main U.S. indices rose by up to 0.3%. The Brent oil price stayed close to Wednesday’s closing of slightly below U.S. $87 per barrel, Zvarich said.

Alor Broker senior analyst Alexei Antonov said that the oil price lost a token 0.1% on Thursday, but the possibility that the negative dynamics will change is high as the U.S. dollar lost 0.4% at the global market and the metals rise thanks to the weakening dollar.

He expects the national investors to pay attention to the rising commodities. Besides, the ruble lost 1.6% against the Chinese yuan yesterday, which is a positive factor for the national exporters that redirect their exports to the East.

“We expect the two factors to trigger a moderate growth of the MOEX index,” he said.

“However, the sideways trend in general will not change.”

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