Russian stocks seen neutral as foreign markets closed for Christmas

MOSCOW, Dec 25 (PRIME) -- The Russian stock market will likely open with a small upward gap on Monday due to an oil price rise but the trading volume will be low as foreign markets are closed for Christmas holidays, analysts said.

“The state of the external background before the start of the trade can be qualified as indefinite. This is because many global trading floors will be closed for Christmas celebrations. And yet, the local stock market has reasons for a positive opening,” Vitaly Manzhos, a senior risk manager at investment company Nord Capital, said.

Brent oil futures for February rose above U.S. $65 per barrel. The main stock markets of Europe and the U.S. are closed for holidays, Asian markets are slightly rising. According to Oleg Shagov, head of investment company Solid’s research department, these factors will contribute to a neutral start of the Russian trading session.

The MOEX Russia Index may open at about 2,105 and is expected to reverse part of earlier losses, Shagov said. The market activity is expected to be low amid Christmas holidays on foreign markets.

Russian President Vladimir Putin will meet with the Federation Council and the State Duma, the two houses of the parliament, which, according to Shagov, will become the most significant event for the market on Monday.

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