Russian stocks seen flat on stable oil, neutral background

MOSCOW, Apr 12 (PRIME) -- Russian stocks may open flat on Tuesday amid stable oil prices and neutral background, analysts said.

“We expect the Russian stock market to open neutrally at the level of 1,900–1,905 points at the MICEX index, assuming that after another wave of growth this stock indicator will try to consolidate around reached levels,” Oleg Shagov, head of investment company Solid’s research department, said.

The influence of the key external factors that significantly affect the Russian financial market behavior is close to neutral today at the start of the day, Shagov said. Brent oil price has stabilized at around U.S. $42.7 per barrel on expectations of news about possible oil production freeze agreements that could be reached at an upcoming meeting of oil producers in Qatar, the analyst said.

The U.S. leading stock index futures are slightly growing, while main Asian stock indicators are not showing single dynamics.

“The RTS index can consolidate around 900 points in the short-term,” Olma senior analyst Anton Startsev said. “Participants of the commodity market keep optimism over the forthcoming meeting of oil exporting countries, but a significant growth of oil futures before the announcement of the meeting’s results would look excessively speculative,” he said.

Investors will follow statements by a number of European officials on Tuesday, including by German Chancellor Angela Merkel, as well as representatives of the U.S. Federal Reserve System.

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