Russian stocks seen flat on rising foreign markets, easing oil prices

MOSCOW, Jun 3 (PRIME) -- The Russian stock market will likely open with marginal changes on Friday as a positive trend on the other stock markets will be compensated by a slight oil price correction after Thursday's growth, analysts said.

"Oil will try to test a resistance level of U.S. $120 per barrel, even if a not very strong driver appears. But it's Friday, and in the current political situation, there would unlikely be many to dare to raise their positions in shares before the weekend. This is why a small decrease of the market is the most likely scenario," Alexei Antonov, head of Alor Broker’s investment consulting department, said.

According to Antonov, the MOEX Russia Index will likely open with marginal changes at about 2,200–2,500.

Bogdan Zvarich, senior analyst at financial supermarket Banki.ru, said that the global markets mood is positive in the morning, as the leading Asian markets add up to 1.2%, the key U.S. stocks futures rise 0.1%, while the nearest Brent futures correct downwards by 0.3% to $117.3 per barrel.

Antonov said that the oil and gas securities may outperform the market, as the OPEC+ alliance decided to boost the oil output quotas for July by 50% compared to the plan, while cutting the September volumes. The oil prices started to rise surprisingly after the announcement, but in fact the quotas have almost no effect on the market, because the countries participants of the deal do not fully use them.

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