May 21 (Bloomberg) -- Russia’s Micex Index may rally almost 10 percent this week if oil extends its rebound, according to HSBC Holdings Plc.
“The market is oversold,” Alexander Morozov, chief economist at HSBC in Moscow, said by phone. “If oil continues to rise, the market will gain.”
The Micex may rise to 1,420.05 if Brent crude advances to $118.98 in the “next few days,” Morozov said. Brent traded up 1.3 percent at $108.48 a barrel in London.
The benchmark stock index jumped the most in more than two months today, adding 2.1 percent to close at 1,298.42. The Micex entered a bear market on May 17 after sliding more than 20 percent from a March 14 high.
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