Russian stocks may open flat as investors wait for Algeria news

MOSCOW, Sep 28 (PRIME) -- Russian stocks are likely to open close to flat on Wednesday as investors are waiting for news on discussions of OPEC in Algeria regarding condition of the oil market, while mixed background provides no strong drivers, analysts said.

“We expects the Russian stock market to open in the range of 1,980 points of the MICEX index and suppose that news from the International Energy Forum in Algeria may become strong drivers later during the day,” Oleg Shagov, head of investment company Solid’s analytical department, said.

The ultimate influence of key external factors that have a significant impact on the Russian market today is mixed, Shagov said. The Brent oil price is rising 0.433% to U.S. $46.17 per barrel as of 9.00 a.m. Moscow time, according to the ICE exchange. U.S. stock index futures are slightly falling and Asian floors show mostly negative dynamics.

“The continuation of a correctional consolidation phase of the RTS index is still a relevant scenario. Results of meetings of representatives of OPEC on the sidelines of the forum in Algeria may affect the trade,” Anton Startsev, a senior analyst at investment company Olma, said.

Investors will track speeches of heads of the European Central Bank and the U.S. Federal Reserve System later in the day, Startsev said.

Shagov also said that data on oil reserves and output in the U.S. may also have an impact on the market.

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