Russian stocks seen flat as oil price retract, foreign markets grow

MOSCOW, Aug 5 (PRIME) -- The Russian stock market can open with small changes on Friday, because a negative oil price trend will be balanced by positive dynamics on foreign markets.

“A halt of an earlier registered growth of the RTS is possible today in the start of the trade. The oil growth has stopped (Brent futures are traded below U.S. $44 per barrel) and resumption of an upward trend in gold prices can signify investors’ interest in protective assets,” Olma senior analyst Anton Startsev said.

The U.S. stock market futures are gaining, Asian markets are rising, and the European premarket hints at a positive opening of the session. These factors will offset the negative oil price sentiment, Oleg Shagov, head of investment company Solid’s research department, said.

Strong market trends in Russia are improbable on Friday, Startsev said.

The MICEX is expected to open at 1,945 and could try to break the 1,950 resistance zone if circumstances are favorable, Shagov said.

A financial report of Sberbank under Russian Accounting Standards (RAS) for July and a report of Magnitogorsk Iron and Steel Works (MMK) under International Financial Reporting Standards (IFRS) for January–July will be the highlights on the corporate stage on Friday, Startsev said.

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