Russian stocks may open flat amid Greek debt worries

MOSCOW, Jun 30 (PRIME) -- Russian stocks may open flat on Tuesday, as investor activity will be low amid expectations of Greek debt issue development, analysts said.

“We expect the Russian market to open in a neutral-positive zone,” Oleg Shagov, head of analytical department at investment company Solid, said.

“Under our estimates, the influence of the main external factors on the Russian stock market is mixed today in the morning. U.S. stock market futures are slightly outplaying Monday’s losses. Brent oil price futures are consolidating at the level of U.S. $62 per barrel. Leading Asian stock indicators mostly demonstrate positive dynamics,” Shagov said.

The Russian market will open with an insignificant change, at around 1,635 points at the MICEX, while the nearest support levels will be 1,625 and 1,610 points, Vitaly Manzhos, senior analyst at Obrazovanie Bank, said. And 1,650 and 1,665 points will be resistant levels, he said.

Greece can see a technical default already on Tuesday, which will become the central event of the day, Manzhos said.

If Greece does not make a 1.5 billion euro payment to the International Monetary Fund (IMF) today, which is the most likely scenario, the country will be cut off financing from both IMF and the E.U., Olma senior analyst Anton Startsev said.

“The technical analysis data shows that a further downward correction in the RTS index still remains in force. An unexpectedly strong reaction of the U.S. market to problems of the Eurozone supports a trend of low investor readiness to take risks,” Startsev said.

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