Russian stocks seen opening flat as oil prices consolidate

MOSCOW, Jun 20 (PRIME) -- The Russian stock market is likely to open flat due to a neutral external background on Tuesday, analysts said.

“We expect the MICEX to open (unchanged) at around 1,850 and believe the benchmark may try to consolidate above the psychologically important mark,” Oleg Shagov, head of investment company Solid’s research department, said.

Olma senior analyst Anton Startsev said that the RTS index may continue consolidation and test a 1,000 resistance level again due to a better environment on the global stock exchanges and stable petroleum prices.

“At the same time, technical analysis shows that a short-term downward trend for the benchmark is still there,” he added.

Shagov also said that the Brent oil price is fluctuating at around $47 per barrel awaiting new crude inventories statistics. The Asian markets look mixed while the major U.S. indices futures are trading higher.

In Russia, investors will also be interested in decisions of gas major Gazprom’s board of directors on the Turkish Stream and the Nord Stream-2 gas pipeline projects.

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