Russian stocks seen flat as traders waiting for OPEC deal meeting

MOSCOW, Jul 24 (PRIME) -- The Russian stock market is expected to open with marginal changes on Monday as traders are waiting for decisions of the committee monitoring fulfillment of the oil output reduction agreement of OPEC and non-OPEC countries on Wednesday, analysts said.

“A certain stabilization of the quotations is possible today at the start of the trade but technical analysis data leaves a room for resumption of a downward correction of both the RTS index and Brent oil,” Olma senior analyst Anton Startsev said.

Oleg Shagov, head of investment company Solid’s research department, said that the external background for the start of the Russian trading session is neutral.

Brent futures are fluctuating close to the U.S. $48.2 per barrel level as market participants are waiting for results of the Wednesday’s OPEC agreement assessment.

U.S. stock market futures are slightly falling, Asian indices are mixed, and the premarket of the European session signals marginal changes during the session start later in the day.

According to Shagov, all these factors will contribute to a neutral opening of the Russian indices with the MICEX expected at 1,925.

Monetary policy decisions by the U.S. Federal Reserve System (Fed) and by the Russian central bank, and voting on a U.S. bill of sanctions against Russia will become the main events later this week, Shagov said.

According to Startsev, the euro zone’s purchasing managers' index (PMI) and the U.S. secondary housing sales are seen as the most important statistics releases on Monday.

End