Russian stocks may open flat as New Year approaches

MOSCOW, Dec 29 (PRIME) -- Russian stocks are likely to open flat on Saturday as all other major bourses are closed, analysts said.

“Strong movements are unlikely to happen on the market today, as all foreign countries started their weekends, while Russian traders are unlikely to revise their portfolios significantly on the final trade day of the year,” investment company Olma’s senior analyst Anton Startsev said.

Stock volatility is likely to persist at the beginning of 2019 as uncertainty about the U.S.–China trade war and Brexit will still be there, as well as the negative impact on liquidity from the U.S. Federal Reserve System’s monetary policy, Startsev added.

Timur Nigmatullin, Otkritie Broker’s analyst, said that the Russian stock market will trade with limitations on settlements on Saturday. “The trade volume is to contract significantly as trade will happen without support of major foreign floors,” Nigmatullin said.

Alexei Korenev, investment company Finam’s analyst, also said that only a handful of important events is expected to guide the market.

“PhosAgro is to close its register for an extraordinary general meeting of shareholders, and that is it. So, people who are not crazy about stock trading can devote their working day to celebrations of the upcoming New Year with their colleagues,” Korenev said.

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