Russian stocks to open close to flat on absence of drivers

MOSCOW, May 15 (PRIME) -- Russian stocks are likely to open close to flat on Friday due to a neutral background and the absence of strong drivers, analysts said.

“The general background and influence of the main factors on the Russian market is close to neutral, as our estimates show…We expect the Russian stock market to open with little change,” Oleg Shagov, senior analyst at investment company Solid, said.

The U.S. are staying virtually flat, Asian floors are showing no single dynamics and the Brent oil price has edged up 0.07% to U.S. $66.75 per barrel as of 8.31 a.m. Moscow time.

“The technical analysis data shows the possibility of a period of correction and consolidation of the RTS index. The situation in the currency section remains a very important factor today,” Olma’s senior analyst Anton Startsev said.

On Thursday, the MICEX fell 0.28% to 1,677.57 and the RTS plunged 2.52% to 1,054.90 on a ruble fall after a central bank decision to buy foreign currency from the market for its reserves.

“But it is worth saying that it has already fizzled out as a pressure factor. Investors started to sell rubles automatically, but after analyzing the situation they came to a conclusion that the reserve replenishment will underpin stabilization of the Russian economy and prompt rating agencies and other international institutions to revise their forecasts for economic future,” Alyona Afanasyeva, senior analyst of Forex Club group of companies, said.

Investors will watch today for the release of U.S. industrial production figures and consumer expectations data, as well as track a meeting of oil company Surgutneftegas’ board of directors, which may make recommendations for dividend payments.

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