Russian stocks may open flat on rising oil, falling foreign floors

MOSCOW, Nov 2 (PRIME) -- Russian stocks may open flat on Monday because the rising oil prices will be outbalanced by negative trends on foreign markets, analysts said.

“The Russian market can open with the MICEX dynamics close to neutral today, and a growth of stock indices is possible during the day,” Promsvyazbank analyst Ilya Frolov said. The RTS is likely to continue consolidating, Anton Startsev, a senior analyst at Olma, said.

Oil prices grew above the U.S. $49 per barrel level on the news of the descending drilling activity in the U.S., but U.S. stock market futures are in the red zone on Monday morning, Asian indices are falling as well, which makes for an ambiguous background for the Russian trading session opening, Oleg Shagov, head of investment company Solid’s analytical department, said.

Russia, U.S. and euro zone countries’ purchasing managers’ indices (PMI) will significantly affect the dynamics of the Russian stock market later on Monday, Shagov said. The U.S. labor market figures will also influence the Russian trends to a certain degree, Startsev said.

Russia’s PMI exceeded the 50 threshold for the first time since December 2014, which can significantly support the Russian market, Frolov said.

Acron’s shares will likely benefit from the U.S. dollar strengthening, Startsev said.

End