Russian stocks seen flat amid mixed foreign background

MOSCOW, May 13 (PRIME) -- The Russian stock market is unlikely to move significantly at the opening and during the day on Monday in light of a controversial global environment, analysts said.

“We expect the MOEX Russia Index to open with marginal changes of up to 0.3% near the 2,515 mark… The benchmark is likely to consolidate later in the day as Russian investors will evaluate the plenty of controversial events that happened in the world during the May holidays,” Vitaly Manzhos, senior risk manager at investment company Algo Capital, said.

Vadim Kravchuk, analyst at investment company Solid, said that the external background looks mixed with Asian stock exchanges falling around 1.5% and the Brent crude price consolidating above U.S. $71 per barrel.

Olma senior analyst Anton Startsev said that the next support level for the RTS index is at 1,200 and that emerging markets may see a lack of demand in the near future due to uncertainty linked with ongoing trade wars between the U.S. and China.

The Russian market may also be driven by an International Financial Reporting Standards (IFRS) financial report for January–March by oil major Rosneft and operating results releases for January–April by raw diamond producer ALROSA and meat producer Cherkizovo Group.

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