Russian stocks seen flat on uncertainty after Catalonia referendum
MOSCOW, Oct 2 (PRIME) -- The Russian stock market is likely to open with marginal changes on Monday on the back of oil price fluctuations and political uncertainty after the Catalonia independence referendum, analysts said.
“The technical analysis data signals a possibility of continuation of an RTS index increase but an uncertain external background can contribute to a decrease of the purchase order flow,” Anton Startsev, a senior analyst at investment company Olma, said.
Startsev said that the fact that the Catalonia independence referendum results are not recognized by Madrid is a factor of a market uncertainty worldwide but developing markets are somewhat supported by easing of reserves requirements by the Chinese central bank.
Oleg Shagov, head of investment company Solid’s research department, said that the external background is close to neutral at the start of the Russian trading session as Brent fell to about U.S. $56.5 per barrel under pressure by statistics indicating a U.S. drilling activity increase.
U.S. stock market futures grew on Monday in the morning, key Asian indices were mostly demonstrating positive dynamics and the European premarket session signaled an increase at the trading session start later in the day.
Shagov said that the MICEX is expected to open at about 2,075.
The manufacturing activity indices releases for Russia, Europe and the U.S. are expected to be the main economic events of Monday, he said.
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