Russian stocks may open flat on absence of strong drivers

MOSCOW, Oct 9 (PRIME) -- Russian stocks are likely to open flat and consolidate later in the day on Monday amid a lower global investor activity, analysts said.

“We expect the Russian stock market to open (flat) at around 2,090-2,095 of the MICEX index and believe it will be slightly pressured by the ex-dividend gaps of Rosneft, Novatek and MMK. We can also see a lower investor activity due to Columbus Day celebration in the United States,” Oleg Shagov, head of investment company Solid’s research department, said.

Olma senior analyst Anton Startsev said that the Russian indices are likely to consolidate in the short-term.

Shagov also said that the December Brent oil futures are fluctuating around a $55.8 per barrel mark in the wake of Hurricane Nate disrupting drilling operations in the U.S.

The major U.S. and Asian benchmarks are modestly higher, while the European pre-market trading points to a flat start of trade.

The Russian market may also be driven by decisions of multi-industry holding Sistema and automaker GAZ Group’s boards of directors.

End