Russian stocks to open flat, consolidate amid neutral environment

MOSCOW, Jan 22 (PRIME) -- The Russian stock market is likely to open flat and consolidate during the day on Monday amid an uncertain global environment and following a series of gains last week, when the local benchmarks managed to hit their local or all-time highs, analysts said.

“We expect the MOEX Russia Index to open with marginal changes within a 2,285–2,290 range… and to consolidate at around 2,290 during the day due to an uncertain external background, which is to influence the domestic market neutrally,” Vitaly Manzhos, senior risk manager at investment company Nord Capital, said.

Olma senior analyst Anton Startsev said that the RTS will likely consolidate at around 1,270 to offset the market’s “overbuying.”

Manzhos added that fluctuations of crude prices will stay the most important driver for the local market.

Oleg Shagov, head of investment company Solid’s research department, said that the Brent oil price rose to $68.8 per barrel supported by statistics demonstrating a fall in the U.S. drilling.

The major U.S. indices futures are trading around 0.15% lower on the news of a government shutdown, while Asian floors look mixed.

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