Russian stocks seen flat on neutral foreign background

MOSCOW, Feb 7 (PRIME) -- Russian stocks may open flat or slightly decrease on Tuesday amid an overall neutral foreign background, analysts said.

“We expect the Russian stock market to open at the level of 2,205–2,210 at the MICEX index, assuming that this stock indicator will continue fluctuations around the formed consolidation zone reacting to changes of the foreign background and ongoing events,” Oleg Shagov, head of investment company Solid’s research department, said. On Monday, the MICEX closed at 2,210.51.

The ultimate influence of key external factors that have a significant impact on the Russian financial market is close to neutral today, the analyst said. Brent oil futures fell below U.S. $56 per barrel on the back of a projected reduction of the U.S. oil reserves.

The U.S. stock index futures are not changing much, while leading Asian stock indicators are mostly suffering losses, Shagov said.

Ilya Frolov, a senior capital market analyst at Promsvyazbank, expects that trading will open neutrally with further attempts to resume growth at the beginning of the day.

Investors will follow publication of national top lender Sberbank’s results for January under Russian Accounting Standards, among other corporate events on Tuesday.

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