Russian stock may open flat, consolidate amid mixed background

MOSCOW, Jul 3 (PRIME) -- The Russian stock market will likely open flat and consolidate later in the day on Tuesday due to a mixed foreign background and weak investor activity prior to the Independence Day in the U.S., analysts said.

“The Russian stock indices may consolidate in the short-term due to lower non-resident activity ahead of the U.S. Independence Day celebrated on July 4,” Olma senior analyst Anton Startsev said.

The technical analysis does not signal the recovery of an upward trend of the RTS index, he added.

Vitaly Manzhos, senior risk manager at investment company Nord Capital, expects the MOEX Russia Index to open flat at around 2,320 and consolidate during the day amid an uncertain global environment.

The U.S. indices futures are seen slightly lower while the Brent oil price has recovered from previous losses and is consolidating at around U.S. $77.9 per barrels ahead of a release of an oil stocks report by the American Petroleum Institute (API).

End