Russian stock to open flat amid neutral global background

MOSCOW, Mar 17 (PRIME) -- The Russian stock market is unlikely to move at the opening on Friday due to a neutral external environment, analysts said.

“We expect the MICEX to open at 2,015 and assume the index may make another attempt to recover from previous losses though it has had a hard time doing that,” Oleg Shagov, head of investment company Solid’s research department, said.

The Brent oil price has slightly increased on the back of Saudi Arabia’s statement that OPEC and non-OPEC states may prolong output cuts after the current agreement expires in June, if the global crude inventories remain excessive, Shagov added.

“The committee of OPEC and non-OPEC nations responsible for monitoring compliance with a global agreement to reduce oil output will meet today and may provide news, which will influence the crude market,” investment company Freedom Finance said in a research note.

Finam analyst Bogdan Zvarich agreed that a further advance in the oil price is possible and it will result in growth on the Russian stock market.

The major U.S. indices futures are flat and the Asian markets are showing mixed trading. The European premarket trading points to a flat opening as well.

In Russia, investors may be interested in financial reports of real estate developer LSR Group and container terminal operator Global Ports.

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