Stocks seen rising in early trade on firming ruble, stable oil

MOSCOW, Aug 28 (PRIME) -- The Russian stock market will likely open higher on Monday as the MOEX Russia Index will be supported by a rising ruble, and the RTS index by a positive foreign markets’ mood and a stable oil price, analysts said.

"Moderate growth can continue today at the market’s opening, but there are no reasons to break a strong resistance of 3,200, the gradually weakening ruble alone may not be enough for that. It is quite possible that active profit taking might start on the market as the indicator approaches the level," Alexei Antonov, head of Alor Broker’s investment consulting department, said.

The analyst added that the trading volume was low during several previous sessions, which means that investors are reluctant to buy.

The Russian currency is to lose support from the tax period soon. Besides, the support failed to push the ruble above 90 per U.S. dollar, Antonov said.

Senior analyst at financial supermarket Banki.Ru Bogdan Zvarich said that a stable oil price may lead to ruble growth, but the dynamics would require additional factors.

He said that a positive mood on the foreign trading floors and stabilization on the oil market would contribute to the increase of the Russian market on Monday.

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