Russian stocks to open flat on neutral background

MOSCOW, Nov 9 (PRIME) -- Russian stocks are likely to open close to flat on Thursday on a neutral external background, and an easing oil price, analysts said.

Oleg Shagov, head of investment company Solid’s research department, said that the ultimate influence of the key external factors for the Russian stock market is neutral in the morning as the U.S. stock index futures are edging down, the Asian floors show no common dynamics, and the Brent oil price is contracting slightly.

“We expect the Russian stock market to open in a range of 2,165 of the MICEX index and suppose that the indicator will continue the day consolidating around the current level. Our estimates show that the closest resistance level for the MICX index is around 2,180, while the closes support level is around 2,140,” Shagov said.

Anton Startsev, a leading analyst at investment company Olma, said that technical analysis shows that the RTS index amy consolidate around 1,150 on the lack of drivers.

“In the short-term, corporate news may have an impact on trading on the Russian stock market. Today, several companies are to publish their financial reports calculated under International Financial Reporting Standards, like Magnitogorsk Iron and Steel Works (MMK), VTB Bank, Moscow Exchange, and Polyus,” Startsev said.

Vitaly Manzhos, a senior risk manager at investment company Nord Capital, said that the external background favors a neutral opening of the MICEX index with insignificant changes at 2,160–2,165.

“Changes in prices for oil will remain the key driver for participants of the Russian stock market. The release of U.S. weekly first claims for unemployment benefits may have an impact on the local market,” Manzhos said.

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