Russian stocks may open flat waiting for Greek, Iranian news

MOSCOW, Jul 7 (PRIME) -- Russian stocks are likely to open close to neutral on Tuesday as investors will wait for the development of the Greek debt problem and results of talks on the Iranian nuclear program, analysts said.

“We expect to see a close to flat opening of the Russian stock market and suppose that the MICEX index will remain neutral waiting for further developments around Greece and Iran, which lately have been acting as drivers for all global markets,” Oleg Shagov, senior analyst at investment company Solid, said.

The Greek debt problem will be discussed at an extraordinary summit of the E.U. finance ministers and country leaders later on Tuesday.

“Iran’s oil minister said last Friday (June 3) that the country is close to a final agreement with the West on its nuclear deal. The agreement may be signed later this week, and from the second quarter Iranian oil may start flowing to international markets,” Zerich Capital deputy CEO Andrei Vernikov said.

This fact, along with data on U.S. drilling units, the amount of which grew last week for the first time in 30 weeks, scare middle-term investors away from the oil-dependent Russian market, Vernikov added.

The general background prior to the opening of the trading session is mixed with U.S. stock index futures rising, Asian floors showing no single dynamics while the Chinese stock market in turmoil. The Brent oil price rose 1.06% to U.S. $57.14 per barrel, slightly rebounding from Monday’s over-6% plunge.

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