Russian stocks may open flat amid falling oil prices

MOSCOW, May 13 (PRIME) -- Russian stocks may open flat on Friday amid a moderately negative foreign background and a stop in oil price growth, analysts said.

“We expect the Russian stock market to open neutrally at the level of 1,900–1,905 at the MICEX index, assuming that amid a relatively unfavorable foreign background this stock indicator will continue fluctuating around current levels, reacting to the change of foreign conditions, while superstitious investors will abstain from active actions on Friday the 13th,” Oleg Shagov, head of investment company Solid’s analytical department, said.

The influence of the key factors that have a significant impact on the behavior of the Russian stock market is moderately negative today at the beginning of the day, Shagov said. Brent oil price is reducing after Thursday’s growth, but remains above U.S. $47.5 per barrel, the analyst said.

The U.S. leading stock index futures are slightly decreasing, and main Asian stock indicators are mostly suffering losses.

“We expect the market to open with an insignificant change at the MICEX index, at the range of 1,900–1,905,” Vitaly Manzhos, a senior analyst at Bank Obrazovanie, said. The closest support levels will be 1,890 and 1,875, while 1,915 and 1,930 will act as resistance, he said.

Financial reports by aluminum giant UC RUSAL and metals firm Mechel, as well as publication of retailer Dixy’s operating results for April can affect the Russian stock market dynamics.

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