Russian stocks to ease at opening as oil prices consolidate

MOSCOW, Oct 12 (PRIME) -- The Russian stock market may open slightly lower and demonstrate mixed trade later in the day on Thursday, analysts said.

“We expect the market to open… about 0.2-0.3% lower at 2,095-2,100 of the MICEX index. 2,090 and 2,080 are the closest significant support, and 2,110 and 2,130 are resistance … After a moderate fall at opening, the market may consolidate around 2,100, which is the nearest target and the attraction point,” investment company Nord Capital said.

Olma senior analyst Anton Startsev said that technical analysis points to the possibility of a further rise of the RTS index to test a 1,150 mark.

He also said that Russian oil and gas stocks may underperform in early trade as oil prices have stopped growing in the wake of the American Petroleum Institute (API)’s crude inventories report showing an unexpected 3 million barrel jump. The future oil price dynamics will be influenced by an up-coming oil stocks report of the U.S. Department of Energy.

Oleg Shagov, head of investment company Solid’s research department, said the global environment is again neutral with the major U.S. indices futures seen flat and Asian markets trading slightly higher.

Investors in Russia will also follow publication of grocery retailers Dixy Group and X5 Retail Group’s financial results for July-September among other corporate events.

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