Russian stocks can open flat on US holiday, fruitless negotiations

MOSCOW, Sep 5 (PRIME) -- The Russian stock market will open with marginal dynamics on Monday because the U.S. stock market will be closed for the Labor Day holiday and because oil supply restriction talks between President Vladimir Putin and the Saudi oil minister have not yielded any results, analysts said.

“It seems that there will be quite a calm trading session on low volumes today because the U.S. trading floors are closed for the holiday,” Finam analyst Timur Nigmatullin said. “The MICEX index is forecast to spend the first half of the trading session close to the level of the previous session’s close.”

A meeting between Putin and the Saudi energy minister as well as talks between Foreign Minister Sergei Lavrov with U.S. State Secretary John Kerry failed meaning that the Russian market is poised to demonstrate almost no dynamics, Olma senior analyst Anton Startsev said.

The oil prices have consolidated at about U.S. $46.7 per barrel on no drivers, Oleg Shagov, head of investment company Solid’s research department, said.

The upcoming meetings of the Russian central bank, U.S. Federal Reserve System (Fed) and elections to Russia’s State Duma, the lower chamber of the parliament, will make investors hesitant and will contribute to marginal dynamics on the Russian market, Nigmatullin said.

Investors are now expecting a meeting between Putin and his U.S. counterpart Barack Obama, which can agitate the market, Startsev said.

End