Russian stocks to open flat on mixed background, low activity

MOSCOW, May 30 (PRIME) -- The Russian stock market will open with insignificant changes on Monday because an overall background for the start of the session is mixed, investors are less active than usual as the U.S., U.K. trading floors are closed, and a forthcoming OPEC meeting makes them avoid bold moves, analysts said.

“An OPEC meeting scheduled for Thursday will become the key event for the oil market in the forthcoming week, surprise statements can be made before it takes place,” Oleg Shagov, head of investment company Solid’s analytical department, said.

He said that the background for the start of the Russian trading session is mostly neutral as Brent futures are descending to the U.S. $49 per barrel level, while U.S. stock market futures are rising, and Asian indices are also demonstrating a positive dynamics.

Investors’ activity will be subdued as the U.S. trading floors will be closed for the Memorial Day and the U.K. ones for the spring bank holiday, Shagov said.

A statement by Chairwoman of the U.S. Federal Reserve System Janet Yellen that the ruler can soon raise the key rate will hold down the activity of stock market investors, Olma leading analyst Anton Startsev said.

On the corporate stage, financial reports of Inter RAO, Bashneft and Dixy are seen as the most important Monday’s events, Shagov said.

End