Russian stocks may open flat as traders wait for US labor mkt data

MOSCOW, Nov 6 (PRIME) -- Russian stocks may open with marginal dynamics on Friday, because oil prices are growing a little but investors want to consolidate gains before the weekend, and local traders are also waiting for a release of the U.S. labor market data, analysts said.

“I expect the opening of the Russian stock market today with neutral moods in the zone of 1,765 at the MICEX. The Friday effect manifesting itself as investors’ desire to consolidate gains after an increase during the week can stem the continuation of the growth and even trigger correction,” Oleg Shagov, head of the research department at investment company Solid, said.

Brent rose 0.58% to U.S. $48.26 at 8:57 a.m. Moscow time but U.S. stock index futures are flat, and Asian markets are showing mixed dynamics, all these factors will stimulate a calm market opening in Russia, Olma’s senior analyst Anton Startsev said.

From the point of view of technical analysis, the RTS growth trend continues, Startsev said.

The U.S. labor market data will be in the focus of Russian investors’ attention later in the day because the improvement of the figures can justify a key rate increase by the Federal Reserve System, Shagov said.

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