Russian stocks may open flat on neutral background

MOSCOW, Aug 9 (PRIME) -- Russian stocks are likely to open flat on Tuesday as neutral external background and flat oil prices provide the market with no significant drivers, analysts said.

“The ultimate influence of the key external factors that have a significant impact on the Russian stock market is close to neutral today at the beginning of the day, according to our estimates,” Oleg Shagov, head of investment company Solid research department, said.

The U.S. stock index futures are changing insignificantly, Asian floors are mostly in the green zone, while the Brent price is fluctuating around $45, Shagov said.

“We expect the market to open close to 1,955 points of the MICEX index and suppose that the stock indicator will continue the day at around the current levels but will react to changes in external background and events,” Shagov added.

Yevgeny Loktyukhov, head of the capital market analysis department at Promsvyazbank, said that the risk appetite on the world markets has decreased as investors priced in last week’s news. A slight decrease of oil prices may hurt the ruble, which may lead to a marginally negative opening of the MICEX index.

“The RTS index’ increase suspension is possible today at the beginning of trade as the technical analysis data signal the need for a pause to avoid overbuying of the RTS. The Brent oil futures have hit a resistance level close to a $45 per barrel level, and the world stock floors also provide no ground for a consistent increase,” Anton Strartsev, a senior analyst at investment company Olma, said.

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