Russian stocks seen neutral on oil price fall, foreign mkt rise

MOSCOW, Sep 11 (PRIME) -- The Russian stock market will likely open with marginal changes on Friday because a negative effect from falling oil prices will be offset by rising foreign markets, analysts said.

"The picture is contradictory today in the morning. Asia trades mixed but in general it is rising save for the Australians and Koreans. The energy price has eased again: Brent traded at U.S. $39.94 as of 8:15 a.m., Moscow time, WTI at $37.24, which was not good for the domestic markets where the share of oil and gas companies is enormous," Finam analyst Alexei Korenev said.

He said that on the one hand, futures for the foreign stock market indices rose, which might benefit the Russian indices as well. But on the other hand, investors would like to take profits on Friday driving the Russian market down.

According to Korenev, the release of trade surplus figures for Russia and corporate events, such as shareholder meetings of Aeroflot and Magnitogorsk Iron and Steel Works (MMK), will be in focus.

Georgy Vashchenko, head of the department for trade operations on the Russian stock market at investment company Freedom Finance, said that the MOEX Russia Index range forecast is 2,860–2,910. Olma senior analyst Anton Startsev said that the RTS index could grow at the start of trade but there is no reason for consolidation to stop.

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