Russian stocks may open flat on weak market trends

MOSCOW, Aug 3 (PRIME) -- The Russian stock market will likely open with insignificant changes on Wednesday due to a lack of a strong oil price and foreign market dynamics, analysts said.

“The ultimate influence of the key external factors that have a significant impact on the behavior of the Russian financial market has been close to neutral today in the start of the day, we think,” Oleg Shagov, head of investment company Solid’s research department, said.

The Brent price is trying to rebound from its three-month low on the back of the U.S. dollar positions weakening and a decline of U.S. oil reserves, Shagov said.

The U.S. and European stock market futures are not demonstrating any strong trends. Asian markets are falling, all these factors will contribute to a neutral opening of the trading session in Russia.

The RTS can deepen the correction, and the resistance level is seen at about 870–900, Olma senior analyst Anton Startsev said. The MICEX is expected to open at about 1,912.69, Shagov said.

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