Russian stocks may open flat as investors wait for OPEC statements

MOSCOW, Oct 21 (PRIME) -- The Russian stock market may see weak dynamics at Wednesday opening because traders will be waiting for statements from an OPEC meeting and the U.S.’ oil reserve data release later in the day, analysts said.

“The market is in general, consolidating. The commodities markets’ price dynamics are now quite a source of uncertainty,” Olma’s senior analyst Anton Startsev said. “No reasons for strong market dynamics have appeared so far.”

The U.S. stock market futures are gaining in the morning, while Asian markets are demonstrating mixed dynamics.

Brent fell 0.31% to U.S. $48.56 per barrel at 9:00 a.m. Moscow time.

Russian traders will be waiting for statements from a technical meeting of OPEC slated for Wednesday and for a U.S. oil reserve figures release which will take place at 5:30 p.m. Moscow time. This news can trigger strong dynamics at the Russian stock market, Oleg Shagov, head of research department at investment company Solid, said.

The MICEX is expected to open at 1,720–1,725. The closest support levels are 1,700 and 1,690, and the resistance ones 1,730–1,745, Vitaly Manzhos, a senior analyst at Bank Obrazovanie, said.

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