Russian stocks to rise at opening amid improved external climate

MOSCOW, Feb 12 (PRIME) -- The Russian stock market will likely open with a moderate increase on Monday amid a brighter mood on foreign floors and recovering prices of oil, analysts said.

“We expect a positive start of trading in Russia with a moderate rise by some 0.2–0.4% for the MOEX Russia Index, to the notch close to 2,205 points. The nearest significant backups levels will be points of 2,190, 2,180. Points of 2,220, 2,230 points will be a resistance notch,” Vitaly Manzhos, a senior risk manager at investment company Nord Capital, said in a morning research note.

“During the first minutes of trade the local market will take advantage of the morning improvement of external environment. Later on, MOEX Russia could continue its correction increase to the area of 2,210–2,220 points.”

Bogdan Zvarich, a senior analyst at Freedom Finance, also pointed to positive external climate prior to the opening of the Russian stock market. “The main reason for purchases of our stocks will be the situation on overseas stock markets. As of the end of the session in the U.S., Dow Jones and S&P 500 gained 1.4% and 1.5%, respectively,” he said, adding that the futures for the main U.S. indexes continued to restore earlier on Monday.

Oil prices have started recovering as well, Zvarich said.

The analysts do not expect any important foreign statistics on Monday.

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