Russian stocks may open flat amid slightly negative background

MOSCOW, Feb 11 (PRIME) -- The Russian stock market still has space for short-term growth on Thursday despite a slightly negative global background and signs of profit-taking in local stocks, analysts said.

“Chances for short-term growth to the 3,500 and 1,500 marks, January’s highs, persist on the market. The guidance for the MOEX Russia Index (for Thursday) is 3,375–3,500,” Veles Broker analyst Yelena Kozhukhova said.

Investment company Finam analyst Alexei Kalachyov expects no significant movement at the opening of the domestic market.

Alor Broker analyst Alexei Antonov said that investor seem to start taking profit in most of Russian shares.

The external background is slightly negative with the U.S. core indices trading flat, most industrial and precious metals seen lower, and the Brent oil price losing around 0.5%, but still consolidating above U.S. $61 per barrels, he also said.

Investors in Russia are also likely to follow a slew of financial results releases for 2020 by steelmaker Novolipetsk Steel (NLMK), gold producer Polyus, and power producer Inter RAO, as well as NLMK’s dividend recommendation.

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