Russian stocks to open flat on oil price fall, NKorean nuke test

MOSCOW, Sep 9 (PRIME) -- The Russian stock market will likely open with little change at the opening of the trading session on Friday because of an oil price fall and higher political tensions in the wake of a nuclear test by North Korea, analysts said.

“Some standstill is possible today in the first half of the day, the external background does not look as favorable today as it did yesterday. An increase of fuel prices has stopped although the U.S. Energy Department data confirmed a noticeable reduction of oil reserves,” Anton Startsev, Olma’s senior analyst, said.

Nuclear weapon tests by North Korea have somewhat cooled investor appetite for risk, Startsev said.

Oleg Shagov, head of investment company Solid’s analytical department, said that the U.S. stock market futures are flat, the European premarket shows little change, while Asian markets are demonstrating mixed dynamics and will not influence the market trends in Russia on Friday.

The MICEX will open in a 2,045–2,050 range and will correct downwards from its historic highs, Shagov said.

Market participants will be following Chinese inflation, exports and imports statistics, as well as Germany’s and the U.K’s. trade surplus. U.S. Baker Hughes will release the number of working rigs, which will also provide some important ideas, Sergei Kozlovsky, head of research department at binary option trader Grand Capital, said.

A speech by Chairwoman of the Russian central bank Elvira Nabiullina and publication of unaudited financial performance results of retailer Magnit for August will be the key domestic factors for the Russian market, Shagov said.

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