Russian stocks seen flat amid low oil prices, mixed background

MOSCOW, Aug 2 (PRIME) -- Russian stocks may open neutrally on Tuesday amid an uncertain situation on the energy market with oil prices balancing above U.S. $42 per barrel and a mixed foreign background, analysts said.

“We expect the Russian stock market to open neutrally at the level of MICEX’s previous close (1,947.36), assuming that in case of improving foreign background this stock indicator may make one more attempt to consolidate above 1,950 points,” Oleg Shagov, head of investment company Solid’s research department, said.

The ultimate influence of key external factors that have an impact on the Russian financial market is close to neutral at the beginning of the day, Shagov said. Brent oil futures are trying to rebound from 3-month minimums amid forecasts of the U.S. oil reserves reduction. The U.S. leading stock index futures are slightly increasing, while main Asian stock indicators are not showing single dynamics.

“The technical analysis data keeps a possibility that a downward correction of the RTS index can deepen,” Olma senior analyst Anton Startsev said. “Brent oil futures are trading above $42 per barrel, but the whole situation on the energy market remains quite uncertain to ensure a restoration of investor interest in Russian securities,” he said.

The stock market dynamics will depend on oil prices, the situation on Western floors, and the ruble rate. Among other corporate events, investors will follow retailer Magnit’s dividend recommendations and fertilizer producer PhosAgro reporting operating results.

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