Russia stocks to open flat on strong oil, ahead of oil stocks release

MOSCOW, Oct 10 (PRIME) -- The Russian stock market is unlikely to move at opening and may continue consolidating during the day on Tuesday, analysts said.

“We see no reason for the Russian stock indices to leave the consolidation range. The market may be impacted by the news from Catalonia, whose regional parliament is to discuss a declaration of independence today,” Olma senior analyst Anton Startsev said.

Oleg Shagov, head of investment company Solid’s research department, said that the key global drivers, which influence the Russian market, are looking neutral with the Brent crude price fluctuating at $55.9 per barrel ahead of the American Petroleum Institute (API)’s weekly release of the U.S. oil stocks and OPEC’s monthly oil output report.

Shagov said he expects the MICEX to open flat at 2,096 and to try to consolidate above a psychologically important mark of 2,100 if the global sentiment improves.

Investors in Russia are also likely to follow operating results releases from raw diamond mining giant ALROSA for September and steelmaker Severstal for July-September.

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