Russian stocks may open flat amid neutral foreign background

MOSCOW, Dec 29 (PRIME) -- The Russian stock market can open flat and consolidate later in the day on Wednesday amid low investors’ activity and a lack of significant news, analysts said.

“We can see no reasons for growth (of the Russian stock market) this morning. The U.S. indices hit new record highs, but then finished the previous session flat… A technical resistance line of 3,800 is close, which can also prevent further advance of the market,” Alor Broker analyst Alexei Antonov said.

He added that most Russian blue chips are trading slightly lower during the early morning session, and the IMOEX2 is losing around 0.3%.

Head of PSB Bank’s analysis group Vladimir Solovyov said that the external background looks neutral with major Asian indices trading mixed, and the Brent oil price and futures for the main U.S. and European markets demonstrating a slight rise.

He expects global markets to exhibit consolidation in light of low investors’ activity and no important news, and the MOEX Russia Index to consolidate within the 3,750–3,800 range.

In Russia, investors may be interested in a meeting between Russian President Vladimir Putin and his Belarusian counterpart Alexander Lukashenko.

End