Russian stocks may open flat amid stable oil prices

MOSCOW, Jun 7 (PRIME) -- Russian stocks may open flat on Tuesday amid stable oil prices and overall neutral foreign background, analysts said.

“We expect the Russian stock market to open neutrally at the level of 1,915 points at the MICEX index, assuming that this stock indicator will continue fluctuations around current levels,” 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 close to neutral today at the beginning of the day, Shagov said.

Brent oil futures maintain above the psychologically important level of U.S. $50 per barrel supported by forecasts of a further reduction of the U.S. oil reserves and the dollar’s weakened positions on the back of worsened conditions on the U.S. labor market.

The U.S. stock index futures are not changing much, while main Asian stock indicators are mostly showing a moderate growth.

Vitaly Manzhos, a senior analyst at Bank Obrazovanie, also expects the Russian stock market to open at around 1,915 points. The closest support levels will be 1,900 and 1,890, while 1,930 and 1,940 will act as resistance, he said.

Global oil price dynamics, behavior of Western stock markets and ruble rate dynamics will be the main drivers for the domestic stock market on Tuesday, Shagov said.

Investors will follow financial results of top lender Sberbank and Novorossiysk Commercial Sea Port (NCSP), as well as statements by top executives of gas giant Gazprom, steel producer Severstal, metals companies Metalloinvest, Magnitogorsk Iron and Steel Works (MMK), TMK and others.

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