Russia stocks to open flat as traders await US Fed, cbank decisions

MOSCOW, Apr 29 (PRIME) -- The Russian stock market will open almost flat on Wednesday as investors are unwilling to take risks ahead of a meeting of the U.S. Federal Reserve System (Fed) and the local central bank meeting that will discuss rates, analysts said.

“I expect a continuation of calm dynamics at the Russian market,” Andrei Dirgin, analyst at Alfa-Forex, said. “There are no growth drivers, and in the evening, the U.S. Fed will publish its monetary policies decisions, this keeps market players from serious steps.”

On Tuesday, the Russian market closed almost flat, while trade volumes declined before the long May holidays, Promsvyazbank said in a research note.

The Russian market will be closed on May 1 for May Day celebrations.

The RTS has consolidated in a 980 and 1,070 range; there are no prerequisites for breaking the brackets, Olma analyst Anton Startsev said. The MICEX range is 1,660-1,690, Promsvyazbank said.

Brent slipped 0.28% to U.S. $64.46 per barrel at 9.14 a.m., Moscow time. The U.S. stocks rose on Tuesday, but the futures decreased on Wednesday morning, setting no clear trend for the Russian market to follow, analysts said.

April inflation in Germany and the U.S. gross domestic product figures will be the most important statistic data for Russian investors on Wednesday, Dirgin said.

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