Russian stocks seen flat as US stock futures’ rise balance oil dip

MOSCOW, May 23 (PRIME) -- The Russian stock market will open with marginal changes on Monday because a decrease in oil prices will be balanced by a growth of U.S. stock market futures and mixed market dynamics in Asia, analysts said.

Brent futures remain subdued on the back of U.S. oil output statistics and Tehran’s statements regarding unwillingness to join oil production freeze agreements, Oleg Shagov, head of investment company Solid’s analytical department, said.

With rising U.S. stock market futures and mixed Asian market dynamics, the background for the start of the Russian trading session will be neutral, Shagov said.

The MICEX will most probably continue the consolidation at the current level, while market participants will be reacting to changes in the foreign background, Shagov said.

The RTS receives no strong stimuli from the market, while the data of the technical analysis signals a possibility of a downward correction, Anton Startsev, senior analyst at investment company Olma, said.

Later on Monday, Russian investors will focus on a meeting of a working group Structural Reform Priorities and Sustainable Economic Growth chaired by Alexei Kudrin. The officials will propose measures to stimulate growth of the Russian economy, Shagov said.

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