Russian stocks to open flat on neutral background, no drivers

MOSCOW, Jun 24 (PRIME) -- Russian stocks are likely to open close to flat on Wednesday for the lack of major drivers and neutral external background, analysts said.

“We expect the market to open with insignificant changes in a 1,655–1,660 range of the MICEX index…The amorphous external background supports no major movements of the Russian stock market in the first half of the day. After a neutral opening, the MICEX index is likely to stay flat waiting for important news,” Vitaly Manzhos, senior analyst at Bank Obrazovanie, said.

U.S. Stock index futures are changing insignificantly, while Asian floors are showing mixed dynamics and the Brent oil price rose 0.08% as of 8.48 a.m. Moscow time.

“Today we may see a neutral opening of the Russian indices. The chances for closing in the red zone today are high,” Vasily Oleinik, analyst at ITInvest, said.

However, Oleg Shagov, senior analyst at investment company Solid, said he expects the market to edge up at opening, while the MICEX index may try to claw back some of Tuesday’s losses. “But a resistance level of 1,680, which has repeatedly blocked growth is still there,” he added.

Today investors will closely track results of Greek Prime Minister Alexis Tsipras’ talks with international creditors.

Some influence on the market may also be provided by U.S.’ January–March gross domestic product data and figures of oil and oil product reserves, Bank Obrazovanie’s Manzhos said.

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