Russian stocks seen flat on oil price consolidation

MOSCOW, May 29 (PRIME) -- The Russian stock market will likely open with a neutral dynamics on Monday because oil prices have regained losses and consolidated, and the dynamics of foreign markets is marginal, analysts said.

“The ultimate influence of the key external factors which significantly affect the behavior of the Russian financial market has been close to neutral at the start of the day, in our estimates,” Oleg Shagov, head of investment company Solid’s research department, said.

The Brent futures have reversed the losses after investors’ disappointment in an agreement prolongation decision by OPEC plus nonmember states, but remain under pressure close to the U.S. $52 per barrel notch, Shagov said.

The U.S. stocks futures are little changed, and Asian markets are mixed. All these factors will form a neutral background for Russia in the morning, he said.

As a result, the MICEX will likely open at 1,935.

Olma senior analyst Anton Startsev said that the RTS will consolidate after a recent decrease.

The U.S. stock market will be closed for Memorial Day, which is why the market activity in Russia will be low, he said.

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