Russian stocks seen flat ahead of US Fed Chairwoman speech

MOSCOW, Sep 20 (PRIME) -- The Russian stock market is expected to open with a neutral dynamics on Wednesday because market participants will likely avoid large deals before a speech by Chairwoman of the U.S. Federal Reserve System (Fed) Janet Yellen, analysts said.

“The ultimate influence of the key external factors significantly affecting the behavior of the Russian financial market, is close to neutral today at the start of the day in our estimates,” Oleg Shagov, head of investment company Solid’s research department, said.

Brent futures are fluctuating close to the U.S. $55.3 per barrel notch ahead of publication of U.S. production and reserve statistics.

U.S. stock market futures are little changed, the key Asian markets are mixed and the European premarket signals small changes later on Wednesday, during the trading session start, Shagov said.

The MICEX can open at about 2,049, Shagov said. Olma senior analyst Anton Startsev said that the local RTS support level is 1,100.

Startsev said that investors’ activity can remain low ahead of the Yellen’s comment scheduled to start at 9:30 p.m., Moscow time.

Shagov said that investors will be also tracking the Russian banking sector events.  

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