Russian stocks may open flat on no drivers, stable oil

MOSCOW, Mar 5 (PRIME) -- Russian stocks may to open flat on Thursday on the lack of drivers and stable oil prices, analysts said.

“No reason for any strong movements has emerged yet. Weekly oil reserves in the U.S. have grown significantly more than expected, but the data did not cause a noticeable reaction of the market,” Olma’s senior analyst Anton Startsev said.

The Brent oil price eased to U.S. $59.69, but quickly regained losses, and is now rising 0.07% to $60.59 per barrel.

The background prior to the opening of the trading session is neutral, as U.S. stock index futures are edging up, but Asian floors are showing mixed dynamics, Promsvyazbank said in a research note.

However, a positive opening is also possible, as a technical upward rebound of about 0.5% is possible at the start of the trading, Vitaly Manzhos, analyst at Nord-Capital said, adding that the MICEX index may rebound to 1,780-1,790 points if oil prices rise.

Investors will also watch for the results of the European Central Bank’s meeting, where rates will be discussed and its President Mario Draghi’s comments on the QE program. Germany and the U.S. will release industrial orders data, while the U.S. will also report jobless claims.

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