Russian stocks seen flat amid oil at $40/bbl, mixed background

MOSCOW, Mar 29 (PRIME) -- Russian stocks are projected to open neutrally on Tuesday amid the oil price fluctuating around U.S. $40 per barrel and mixed foreign background, analysts said.

“We expect the Russian stock market to open neutrally at around 1,850 points at the MICEX index, assuming that this stock indicator will continue fluctuating around current levels amid uncertain foreign background,” Oleg Shagov, head of investment company Solid’s research department, said.

The influence of the key external factors that significantly affect the Russian financial market behavior is mixed today at the start of the day, Shagov said. Brent oil is fluctuating around the psychological level of $40 per barrel amid forecasts of a further growth of the U.S. oil reserves and contradictory statements by OPEC representatives ahead of oil producers’ meeting in Qatar scheduled for April 17, the analyst said.

Main Asian stock indicators are mostly suffering small losses, while the U.S. stock index futures are slightly growing.

“Some downward correction at the RTS index is possible today at the start of trading due to worsening of foreign background,” Olma senior analyst Anton Startsev said.

Investor activity remains low amid a lull on global markets, Shagov said. On Tuesday, investors will follow statements by some European officials and the U.S. Federal Reserve System’s (Fed) Chairwoman Janet Yellen.

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