Strong crude, weak ruble can drag Russian stock market upwards

MOSCOW, Aug 7 (PRIME) -- The Russian stock market can edge up at the opening on Monday in an attempt to recover from previous losses thanks to the support of strong crude prices and a weak ruble, analysts said.

“We expect purchases in Russian shares at the beginning of the trading session thanks to good levels of oil prices, so the Russian market can recoup a part of its losses,” senior analyst at financial supermarket Banki.Ru Bogdan Zvarich said.

Major trends of the MOEX Russia Index are upward now, so the market can resume growth, he added.

Zvarich sees the external background as positive with the main Asian benchmarks trading mixed, the core U.S. indices futures recovering from a fall, and the nearest Brent oil futures consolidating near the level of previous closing of U.S. 86.2 per barrel.

Alexei Golovinov, chief analyst at PSB Bank, expects the MOEX Russia Index to trade within the range of 3,100–3,150 amid strengthening crude prices and a weakening ruble.

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