Russian stocks can open flat on mixed oil, foreign market trends

MOSCOW, Jun 13 (PRIME) -- The Russian stock market will likely open neutrally on Wednesday because of mixed dynamics of oil prices and foreign markets, analysts said.

“The state of the external background before the start of the session in Russia can be qualified as indeterminate, or mixed,” Vitaly Manzhos, senior risk manager at investment company Nord Capital, said.

The U.S. stock market futures grew by up to 0.3%, the Brent oil futures fell 0.3%, the gold futures remained neutral, Japan’s Nikkei225 rose 0.4% and Hong Kong’s Hang Seng fell 0.9% in the morning. Manzhos said that these factors will point to a neutral start of the Russian trading session.

Olma senior analyst Anton Startsev said that market activity can remain subdued as investors will be waiting for results of a meeting of the U.S. Federal Reserve System (Fed).

He said that a key rate increase by the authority will doubtlessly take place but a later comment and an update of economic forecasts can give investors the reason to change interest rate dynamics expectations.

Manzhos said that the MOEX Russia Index is to open with an about 0.2–0.3% change at 2,270–2,275. The levels of 2,260 and 2,250 will be support and 2,290 and 2,300 resistance.

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