Russian stocks to open flat on no drivers, no Greek debt solution

MOSCOW, Jun 23 (PRIME) -- Russian stocks are likely to open neutrally on Tuesday for the lack of drivers as Greece and the E.U. have failed to find a solution to the country’s debt problem, analysts said.

“We expect to see a neutral opening of the market and suppose that during the day the MICEX index will once again try to break through the resistance level of 1,680 points, which has repeatedly acted as a growth trend stopper,” Oleg Shagov, senior analyst at investment company Solid, said.

“Despite certain optimism about solving Greece’s debt problems, there are no drivers for any major movement on the market…As long as there is no compromise between Greece and its creditors, markets are in a state of uncertainty,” Olma’s senior analyst Anton Startsev said.

But Vitaly Manzhos, senior analyst at Bank Obrazovanie, expects Russian stocks to open 0.5% higher, close to ,680 points of the MICEX index as investors hope that the Greek problem will be solved.

The general external background is positive with U.S. stock index futures edging up, Asian floors showing mostly positive dynamics and the Brent oil price losing only 0.16% to U.S. $63.24 per barrel as of 8.39 a.m. Moscow time.

During the day, investors will closely track the meeting of foreign ministers of the Normandy Four and a session of a contact group for the Ukrainian crisis.

U.S. durable goods orders and new housing sales data that are to be released during the day may also have some effect on the market, Manzhos added.

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