Russian stocks may open flat ahead of ECB meeting, stable oil

MOSCOW, Oct 22 (PRIME) -- Russian stocks may open flat on Thursday as investors will be waiting for the European Central Bank’s decision on interest rates, as well as amid a neutral foreign background and oil prices trying to stay above U.S. $48 per barrel, analysts said.

“We expect the Russian stock market to open around the level of the previous close, assuming that in the near future the MICEX index will continue fluctuations in a trading range outlined last week,” Oleg Shagov, head of research department at investment company Solid, said.

The influence of main external factors that have a significant impact on the Russian financial market dynamics is close to neutral today at the start of the day.

“Brent oil futures fell yesterday on the back of released data pointing to a significant growth of the U.S. oil reserves and a lack of concrete results of the technical OPEC meeting, but are now trying to remain above the level of $48 per barrel,” Shagov said.

U.S. stock index futures are slightly increasing, while main Asian stock indicators are showing mixed dynamics, the analyst said.

The MICEX is expected to open with an insignificant change, around 1,710 points, Vitaly Manzhos, a senior analyst at Bank Obrazovanie, said. The closest support levels are 1,700 and 1,690 points, and the resistance ones 1,720 and 1,730, he said.

Russian President Vladimir Putin’s speech at the Valdai Discussion Club will be the important event of the day that can influence investor mood, Shagov said.

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