Russians stocks may to rise following oil price dynamics
MOSCOW, Sep 21 (PRIME) -- Russian stocks may open with an increase on Wednesday following upward dynamics of oil prices, analysts said.
“A slight growth of the RTS index is possible today at the beginning of trade. The energy sources market is in some sort of an upward movement as results of a meeting of the Japanese central bank prompted a positive response of Asian trade floors,” Anton Startsev, a senior analyst at investment company Olma, said.
The Brent oil price rose 1.439% to U.S. $46.55 per barrel as of 9.00 a.m. Moscow time, according to the ICE exchange.
The Japanese central bank decided to keep the interest rate flat, but announced a switch from fixed increases of the country’s money supply to targeting of the interest rate’s curve and inflation, which may be seen as a switch to a more flexible monetary policy, Startsev said.
“Still, there is uncertainty regarding dynamics of interest rates in the U.S., which means that no strong movements may be expected until the comment of the U.S. Federal Reserve System is published,” Startsev said.
Ilya Frolov, a senior manager for analysis of stock markets at Promsvyazbank, said the promises of the Japanese central bank to continue stimulation of the economy improved mood of the world markets, and the positive sentiment may remain until the Fed (U.S. Federal Reserve System) publishes its comment later in the day.
“The Russian stock market will be also supported at the start of the trading session by API’s data on a significant decrease of oil crude reserves in the U.S., which supports a growth of oil prices. The upward movement of the ruble-denominated shares may continue, but a firm grip above the 2,000 point mark of the MICEX index is possible only if the U.S. Department of Energy posts positive weekly statistics at 5.30 p.m. Moscow time,” Frolov said.
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