Russian stocks may open flat on low oil price, global rebound

MOSCOW, Jul 1 (PRIME) -- The Russian stock market may see marginal dynamics at Wednesday opening because a growth will be supported by global markets’ rebound after losses on Greek events but oil price decline will stop the increase, analysts said.

“I expect that the Russian stock market will see a neutral to positive opening, and I assume that the MICEX will continue to move around the current levels, reacting to the development of the situation in Greece and on corporate events,” Oleg Shagov, head of analytical department at investment company Solid, said.

Greece defaulted on its liabilities to the International Monetary Fund (IMF) but this event was not a surprise for traders, and markets did not react strongly to that, Olma senior analyst Anton Startsev said. Now, markets are waiting for the Sunday’s referendum on austerity policies, he said.

Stock market investors do not believe in Greece’s exit from the euro zone, Vasily Oleinik, an analyst at ITInvest, said.

Asian stocks are mainly growing on Wednesday morning and U.S. stocks futures are rising as well, which will support Russian investors, while Brent fell 1.02% to U.S. $62.94 per barrel at 9.02 a.m. Moscow time, which will spoil the joy, Shagov said.

Canada’s sanctions extension announced Tuesday and resumption of investigation into a case over murder of a mayor in 1998, where one of the suspects is businessman Mikhail Khodorkovsky, is worrying news for investors, Vitaly Manzhos, senior analyst at Bank Obrazovanie, said.

On Wednesday, there will be another round of E.U. talks on aid to Greece, the U.S. will release labor market figures calculated by Challenger, Gray & Christmas and ADP, and two versions of the purchasing managers’ index (PMI), Markit and ISM’s ones, which will somehow influence the trends in Russia, Oleinik said.

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