Russian stocks may open flat ahead of cbank key rate decision

MOSCOW, Mar 24 (PRIME) -- Russian stocks may open flat on Friday ahead of the central bank’s decision on the key rate that can influence investor moods, analysts said.

“We expect the Russian stock market to open at around 2,050–2,055 points at the MICEX index, assuming that the central bank’s decision on the key rate and relevant comments may have a significant impact on domestic investors’ mood today,” Oleg Shagov, head of investment company Solid’s research department, said. On Thursday, the MICEX closed at 2,051.04.

The ultimate influence of key external factors that have a significant impact on the Russian financial market is close to neutral today, the analyst said.

Brent oil futures are trying to win back previous losses in anticipation of OPEC states’ meeting in Kuwait to discuss the implementation of the oil production cut agreement.

The leading U.S. stock index futures are increasing, and main Asian stock indicators are not demonstrating single dynamics.

Finam analyst Bogdan Zvarich also said he expected a neutral opening of the stock market amid the current foreign background.

“The foreign background will not allow main Russian indices to demonstrate directional movement, we will see consolidation around levels of yesterday’s close during the first hours of trading,” Zvarich said.

He also said the central bank will likely reduce its key rate by 0.5 percentage points, which will not significantly affect the market.

Among other corporate events, investors will follow publication of financial results by food retailer Magnit and coal producer Raspadskaya.

End