Russian stocks to rise as ruble, environment support market

MOSCOW, Aug 29 (PRIME) -- The Russian stock market may grow at the beginning of Tuesday’s trading session because a weak ruble and a favorable external background support the national shares, analysts said.

“The Russian stock market started the week with growth, it increased throughout the entire trading session. The MOEX Russia Index gained 1.31% to 3,198.72, and the RTS Index rose by 1.35% to 1,057.97. We see no profit taking in the long positions, and investors are banking on the continuous fall of the ruble and the growth of the MOEX Russia Index to 3,280,” BitRiver’s financial analyst Vladislav Antonov said.

Bogdan Zvarich, senior analyst at financial platform Banki.ru, said that the favorable external background should support purchases in Russian shares at the start of trade.

“As a result, the MOEX Russia Index should try to break through the resistance level of 3,200 at the beginning of the day and set new August records above 3,220,” he said.

The leading Asian bourses rose by 1.5%, the futures for the major U.S. stock indices gained 0.1%, and the futures for the Brent oil price lost only 0.1% to U.S. $83.8 per barrel, Zvarich said.

Later in the day, investors will focus on the U.S. statistics on consumer confidence and new jobs, he added.

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