Russian stocks may open flat on mixed environ, global uncertainty

MOSCOW, May 17 (PRIME) -- The Russian stock market is likely to open flat and consolidate during the day on Friday pressured by global uncertainly stemming from ongoing trade wars between the U.S. and China, analysts said.

“We expect the MOEX Russia Index to open with marginal changes… near the 2,580 mark… The benchmark is likely to consolidate later in the day in light of an uncertain external background. Most Russian stocks have no drivers for considerable movement, the exception is some blue chips,” Vitaly Manzhos, senior risk manager at investment company Algo Capital, said.

Olma senior analyst Anton Startsev said that the RTS index may stop growing due to pressure of the external environment. Demand on emerging markets is weak amid investor concerns linked with trade wars between the two biggest economies.

The Brent oil price is consolidating slightly above U.S. $72.5 per barrel, and Asian market are trading in the negative zone.

Investors in Russia are also likely to follow a slew of International Financial Reporting Standards (IFRS) results releases for January–March from Moscow Exchange and raw diamond producer ALROSA, as well as dividend recommendations of oil company Surgutneftegas, fertilizer maker Uralkali and power producer Enel Russia.

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