Russian stocks to change little despite rising oil prices

MOSCOW, Nov 20 (PRIME) -- The Russian stock market will open flat on Thursday as the oil price growth is no long sufficient for a rise, analysts said.

“The background for today’s stock market opening is neutral. We expect the MICEX to open with neutral dynamics and it might form a new growth impulse to the maximums for this month during the day, if the ruble and oil prices are stable,” Promsvyazbank analysts Ilya Frolov and Yevgeny Loktyukhov said.

The Brent price rose 0.27% to U.S. $78.31 per barrel as of 9.11 a.m., Moscow time.

Investors still feel relief that the E.U. did not extend sanctions against Moscow, and the U.S. will probably not make the sanctions more severe because the situation in the east of Ukraine is not evidently escalating, Promsvyazbank analysts said.

The MICEX will soon leave its 1,480-1,530 range, the resistance notch for it stands at 1,550, and the support zone at 1,400-1,420, Finam said.

Investors will monitor VTB’s and Nordgold’s financial reports, and RusHydro’s and Russian Grids’ board of directors meetings.

E.U. purchasing managers’ index, U.K. retail sales and U.S. inflation, secondary house sales and jobless claims will be also important.

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