Russian stocks to open flat as oil price dips, markets grow abroad

MOSCOW, Oct 24 (PRIME) -- The Russian stock market will open with marginal changes on Monday as compared with the previous closing because optimism on foreign markets will level off some disappointment of investors from falling oil prices, analysts said.

“The ultimate influence of key external factors that have an impact on the Russian financial market is close to neutral today in the start of the day, under our estimates,” Oleg Shagov, head of investment company Solid research department, said.

Brent futures are decreasing on a recent report signaling a rise of the number of drilling rigs in the U.S. and a refusal by Iraq to reduce the oil output, he said.

U.S. stock market futures are slightly rising, as well as Asian indices, while the European premarket signifies an upward gap at the session opening, Shagov said.

These factors will contribute to a neutral background at the start of the trading session in Russia, he said.

The MICEX will likely open at about 1,960 and will continue the session close to this level, Shagov said. The RTS will continue its consolidation, Olma’s senior analyst Anton Startsev said.

The euro zone PMI (purchasing managers’ index) can affect the investors’ moods to a certain degree later on Monday, Startsev said.

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