Russian stocks seen flat on neutral background, strong crude

MOSCOW, Sep 24 (PRIME) -- The Russian stock market is unlikely to demonstrate considerable movement at the opening on Friday due to a mixed external background, analysts said.

“The MOEX Russia Index still has all chances for reaching new record highs. The 4,110 mark can be a new target. But the opening can be neutral today, considering the external background,” Director of BCS Broker’s stock market experts department Vasily Karpunin said.

Further rise of energy blue chips is the key factor that can support the benchmark thanks to a favorable energy market environment, he also said.

A positive rebound can also continue in the metals and mining sector thanks to a tax compromise with the government, which has decided to delay consideration of higher income taxes for metals producers, Karpunin said.

Gold miners are likely to become market outsiders amid weak precious metals prices, he added.

Vitaly Manzhos, senior risk manager at investment company Algo Capital, expects the MOEX Russia Index to open with marginal changes of 0.1–0.3% and consolidate later in the day in light of a mixed global environment.

The main U.S. indices futures are falling around 0.1–0.2%, the Brent oil price has added 0.3%, and Asian markets look mixed, he said.

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