Russian stocks to open flat in summer lull, watch for Greek debt

MOSCOW, Jul 20 (PRIME) -- The Russian stock market will open unchanged on Monday due to the absence of drivers and the start of a vacation season, analysts said.

“In condition of an uneventful external background and a season of vacations after the close of dividend registers, the MICEX can continue drifting near the current levels,” Oleg Shagov, head of analytical department at investment company Solid, said.

The 1,660 notch will still be the MICEX resistance level, while 1,640 and 1,620 will be support levels, he said.

The Brent fell 0.33% to U.S. $56.91 per barrel at 8.59 a.m., Moscow time, which might push Russian stocks lower, Anton Startsev, analyst at Olma, said.

Monday’s a deadline for Greece to repay its debt to the European Central Bank and whether the repayment is done will define market trends for the whole week, Startsev said.

Morgan Stanley will release a financial report which will also be important for Russian traders, he said.

A recent decision of the board of directors of Templeton Russia and East European Fund to close the fund will not influence Russian market trends much because the volume of the fund was not large, Shagov said.

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