Stocks can rise on emerging markets interest, rising oil price

MOSCOW, Jul 9 (PRIME) -- The Russian stock market will likely grow on Monday at the start of trade because of a significant investor interest to emerging markets and rising oil futures, analysts said.

“Continuation of the RTS rise is possible today at the start of trade. Weakening of the U.S. dollar is still a factor supporting investor interest in emerging markets, including Russian,” Olma senior analyst Anton Startsev said.

He said that U.S. stock market futures grew by 0.4–1.3% on Monday morning, and the Asian markets rose as well.

Vitaly Manzhos, senior risk manager at investment company Nord Capital, said that the trend in the oil futures changed to an increase on July 6, and this will support the Russian market on Monday.

The MOEX Russia Index is to increase by 0.3–0.4% and open in a 2,350 and 2,355 range. The levels of 2,340 and 2,330 will act as support and of 2,360 and 2,370 as resistance.

He said that no significant foreign statistics releases are expected, which is why investors will focus on the oil futures’ changes later on Monday.

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