Russian stocks may open flat on neutral environment

MOSCOW, Feb 17 (PRIME) -- Russian stocks are likely to open flat on Friday as a neutral external background provides it with no drivers, while oil prices are stable waiting for important statistics releases, analysts said.

“Technical analysis data indicate the possibility of a further consolidation of the RTS index. The external background provides no reasons for noticeable movements. The Brent futures have been trading in a U.S. $53.5–58.0 per barrel range for two months in a row,” Anton Manayev, head of the trade operations department at investment company Finam, said.

The MICEX index is no longer overbought from the point of technical analysis, but is still below an important level of 2,150 points. “One should try speculative purchases of the index and its separate components only after the index firmly climbs above the level,” Manayev said.

Oleg Shagov, head of investment company Solid research department, said that the ultimate influence of the key external factors is close to neutral at the beginning of the day, as the Brent oil price is still around a U.S. $55.8 per barrel mark waiting for a release of the U.S. drilling activity statistics, futures for U.S. stock indices are changing insignificantly, and the Asian floors are mostly in the red zone.

“We expect the Russian stock market to open in a 2,145–2,150 range of the MICEX index, and suppose that the stock indicator may finish the week on a positive note if the external background improves,” Shagov said.

But Timur Nigmatullin, an analyst at investment company Finam, said that the MICEX may grow 0.5% at the beginning of the day as he expects revaluation of shares of local companies due to a forecasted weakening of the ruble.

Shagov also said that investors will track a government meeting today, where lawmakers will discuss implementation of controversial data retention laws.

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