Russian stocks may open neutrally as oil flat before Doha meeting
MOSCOW, Apr 15 (PRIME) -- Russian stocks may open with neutral dynamics on Friday because oil prices are consolidating before the producer states officials’ meeting in Qatar on Sunday, analysts said.
“I expect a neutral opening of the Russian market in the range of MICEX 1,910–1,915 and I do not rule out that investors will want to reduce risks before the Doha summit. Development of a correction wave after the growth which drove the MICEX to 7-year highs seems quite possible in this or that way,” Oleg Shagov, head of investment company Solid’s research department, said.
Brent continues to fluctuate around U.S. $44 per barrel ahead of the meeting in Doha. U.S. stock market futures are mostly neutral, Asian markets are slightly falling. All these factors make for neutral background for the Russian session start, Shagov said.
The sell-off on the Russian market will not intensify because the situation on global markets continues to be favorable, Promsvyazbank’s analyst Ilya Frolov said.
The RTS will continue its correctional consolidation until the Doha meeting, Olma’s senior analyst Anton Startsev said.
The U.S. industrial output and consumer sentiment will provide important information for Russian market participants later on Friday, Shagov said.
The report of U.S. Citigroup can somewhat affect the Russian market trends, Startsev said.
Retailers’ shares can start falling after President Vladimir Putin said on Thursday that the control will be strengthened in order to protect customers. Market leader Magnit may be the most affected chain, Finam analyst Timur Nigmatullin said.
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