Russian stocks seen flat on high oil, mixed foreign background

MOSCOW, Jun 9 (PRIME) -- Russian stocks may open flat on Thursday amid growing oil prices and mixed foreign background, analysts said.

“We expect the Russian stock market to open neutrally at the level of 1,950–1,955 points at the MICEX index, assuming that amid mixed foreign background this stock indicator will continue fluctuations around the current levels reacting with a burst of activity to ongoing events,” Oleg Shagov, head of investment company Solid’s analytical department, said.

The influence of the key factors that have a significant impact on the behavior of the Russian stock market is close to neutral today at the beginning of the day, he said.

Brent oil prices are growing in an attempt to reach the level of U.S. $53 per barrel on reports about possible disruptions of oil supplies caused by new fires in Canada and militant attacks on Nigeria’s oil infrastructure, Shagov said.

The U.S. stock index futures are not changing much, while main Asian stock indicators are mostly demonstrating a small decrease.

“The technical analysis data keeps a possibility for further growth of the RTS index. The situation on the oil market remains favorable, Brent oil futures are trading significantly above $52 per barrel,” Olma senior analyst Anton Startsev said.

Vitaly Manzhos, a senior analyst at Bank Obrazovanie, also expects the Russian stock market to open at the 1,950–1,955 range. The closest support levels will be 1,940 and 1,930, while 1,960 and 1,970 will act as resistance, he said.

Investors will follow oil company Tatneft’s financial report for January–March under International Financial Reporting Standards (IFRS), oil pipeline monopoly Transneft dividend recommendations for 2015, and retailer Magnit’s operating results for May.

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