Russian stocks may open flat on stable oil, neutral environment
MOSCOW, Mar 22 (PRIME) -- Russian stocks are likely to open flat on Tuesday as the stable oil price and neutral external background provide no strong signals for any kind of movement, analysts said.
“We expect the market to open in a neutral state close to the previous MICEX index’ closing level of 1,905 and suppose that if the external background improves during the day the stock indicator may close yesterday opening’s gap around a 1,910-point mark,” Oleg Shagov, head of investment company Solid’s analytical department, said.
The Brent oil price has edged up 0.36% to U.S. $41.69 per barrel by 8.49 a.m. Moscow time; U.S. stock index futures are changing insignificantly; and Asian floors show no common dynamics, comprising the neutral background prior to the start of trade at the Russian market.
“The foreign background provides no reason for significant movements. A period of consolidation of the RTS index below 900 is possible from the point of view of technical analysis,” investment company Olma senior analyst Anton Startsev said.
Timur Nigmatullin, an analyst at investment company Finam, said that the background and moderate growth of oil prices will favor a neutral opening of the MICEX index.
During the day, investors will track statements by European officials and the U.S. Federal Reserve System, as well as macroeconomic statistics. Some shares may be affected by Bank Saint Petersburg’s financial report under International Financial Reporting Standards, and by meetings of boards of directors of gas giant Gazprom and fertilizer producer PhosAgro, Shagov said.
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