Russian stocks seen opening neutral after Putin, Biden talks

MOSCOW, Dec 8 (PRIME) -- The Russian stock market would likely open little changed on Wednesday because the upward trend at Western bourses will be offset by falling oil prices, while the discount on Russian assets after the negotiations between Russian and U.S. presidents seemed not to rise, analysts said.

"Taking into account a moderate decrease of oil prices in the morning, the external background before the start of morning trade in Russia can be characterized as unclear or mixed. This creates conditions for a nearly flat opening of the MOEX Russia Index," Vitaly Manzhos, senior risk manager at investment company Algo Capital, said.

The U.S. stock market futures rose by 0.3–0.5% in the morning, the Brent price fell by 0.3%. The gold futures added 0.3%. In Asia, the Shanghai Composite grew by 0.7%, the Nikkei225 added 1.2%.

Vasily Karpunin of BCS Investment Group said that the external background for the start of the trading session was neutral. After negotiations between Russian President Vladimir Putin and his U.S. counterpart Joe Biden, no reason to raise the geopolitical discount on Russian assets was seen.

Manzhos said the MOEX Russia Index will firm by 0.1–0.3% in a 3,865–3,890 range. The support levels are estimated at 3,860 and 3,850, the resistance at 3,900 and 3,920.

End %%mk/jst%%