Russian stocks to open flat on lack of major drivers

MOSCOW, Feb 28 (PRIME) -- The Russian stock market is likely to open flat amid a moderately positive global environment and mixed oil prices, analysts said.

“We expect the MICEX to open at about 2,055-2,060 this morning and to trade in a narrow band during the day influenced by the current news and events with the upcoming Donald Trump’s address to Congress being the key,” Oleg Shagov, head of investment company Solid’s research department, said.

The U.S. President will make the first speech to a joint session of Congress to reveal details of his tax and infrastructure program and foreign policy, but is unlikely to dare to praise Russia.

The main U.S. benchmarks are trading flat and the Asian markets are ticking up. The European stock exchanges may open gap up and remain in the green territory during the beginning of the session creating a favorable background for the Russian market as well.

“For investors in Russia, the end of the month is more important than external factors. Companies demonstrate sound financial results,” Anton Manayev, head of the trade operations department at investment company Olma, said.

End