Russian stocks to open flat amid mixed foreign background

MOSCOW, Mar 26 (PRIME) -- Russian stocks may open flat on Monday amid a mixed foreign background and lack of major drivers, analysts said.

“We expect a neutral start of trading in Russia with insignificant changes at the MOEX Russia Index, around 2,285 points. The nearest support levels will remain at 2,270 and 2,260 points. Significant resistance levels will be 2,300 and 2,310 points,” Vitaly Manzhos, senior risk manager at investment company Nord Capital, said.

After the neutral start the MOEX Russia Index may switch to the state of volatile consolidation amid a mixed foreign background and remaining foreign political tensions, the analyst said.

The U.S. stock index futures are growing by up to 0.9% before the opening of trading in Russia, Brent oil futures fell 0.2%, Japan’s Nikkei225 rose 0.4%, and Hong Kong’s Hang Seng lost 0.6%, Manzhos said.

Olma senior analyst Anton Startsev said that “a continued consolidation of the RTS index remains a relevant scenario in the short term. Increased volatility on Western stock floors so far prevents a flow of capital to the stock markets on the whole.”

Financial reports for 2017 by hydropower giant RusHydro and the Federal Grid Company of Unified Energy Systems (FGC UES) under International Financial Reporting Standards (IFRS) can attract investors’ attention to the electric power sector, the analyst said.

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