Russian stocks may uptick as crude price tries to rebound

MOSCOW, Mar 14 (PRIME) -- The Russian stock market is likely to open flat on Tuesday due to a neutral external background and consolidating crude prices, analysts said.

“The global floors look quiet ahead of the Fed’s key rate decision. The May Brent futures have stopped sliding in the wake of the news that Libya cuts oil production and are consolidating around $51.4 per barrel awaiting new U.S. oil stockpiles statistics,” Oleg Shagov, head of investment company Solid’s research department said.

“We expect the MICEX to open at about 2,000 and anticipate it may continue restoration from the previous week’s losses, should the global environment stay favorable.”

Finam analyst Bogdan Zvarich said a bounce back of the oil price is possible.

“Bears may start taking profit on short positions in anticipation of the crude inventories report of the American Petroleum Institute allowing the energy market to recover partly from last week’s losses,” he said.

The U.S. indices and the Asian benchmarks are trading mixed and flat.

Investors will follow publication of oil major Lukoil and Tinkoff Bank’s IFRS financial results for 2016 and Novatek board’s dividend payment recommendations among other corporate events.

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