Russian stocks may open flat on neutral background

MOSCOW, Sep 8 (PRIME) -- The Russian stock market is likely to open neutrally on Wednesday amid flat dynamics of Western stock indices and oil prices, analysts said.

“I expect the Russian stock market to open neutrally… The market is evaluated fairly, and a significant negative event is necessary for mass sales in the shares to begin,” Andrei Vernikov, head of investment analysis department of Investment Group Univer said.

Georgy Vashchenko, head of investment company Freedom Finance’s department for trade operations on the Russian stock market expects mixed dynamics on the local market with the MOEX Russia Index trading within the 4,000–4,040 range.

Promsvyazbank analyst Yekaterina Krylova said that the Brent oil price is likely to stay within the U.S. $71–73 range thanks to slow recovery of crude production in the Mexican Gulf, but it can test the lower bracket of the range if investors’ sentiments deteriorate.

Director of BCS Broker’s stock market experts department Vasily Karpunin also expects neutral dynamics on the Russian stock market considering the external environment with most commodities trading slightly higher, and the futures for Western indices seen flat.

In Russia, investors may also be interested in news from the Moscow Financial Forum that is to take place on Wednesday, and the decisions of extraordinary meetings of shareholders of petrochemical producers Nizhnekamskneftekhim and Kazanorgsintez.

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