Russian stocks seen opening flat on oil price consolidation

MOSCOW, Jun 2 (PRIME) -- The Russian stock market can open with a marginal dynamics on Friday because oil prices have consolidated close to the U.S. $50.4 per barrel level, analysts said.

“The ultimate influence of the key external factors, significantly affecting the behavior of the Russian financial market has been close to neutral today at the start of the day, in our estimates,” Oleg Shagov, head of investment company Solid’s research department, said.

The Brent futures are fluctuating close to $50.4 per barrel. U.S. stock market futures are gaining. Asian markets are mostly demonstrating a positive dynamics. The premarket of the European session indicates an increase during the start of the trade later in the day.

According to Shagov, these factors will contribute to a neutral Russian market opening.

The MICEX is expected to open at about 1,970, he said.

Olma senior analyst Anton Startsev said the RTS will likely open neutrally and can start correcting downwards later in the day with the goal at the range of 1,000–1,020.

The U.S. non-farm payrolls are seen as the key foreign statistics, he said.

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