Russian stocks to open flat, rebound expected

MOSCOW, Mar 1 (PRIME) – The oversold Russian stock market is likely to open higher on Wednesday as the global environment looks modestly positive, analysts said.

“We expect the MICEX to open at 2,035-2,040 and to demonstrate a rebound from the losses of the four consecutive trading sessions due to an optimistic external background,” Oleg Shagov, head of investment company Solid’s research department, said.

The U.S. indices and the Asian benchmarks are rising, the European pre-market trading seems to point to a higher opening.

“The market is oversold, this is why it may bounce back any moment. Though it is unlikely to happen this morning… a mixedtrend is more probable now,” Finam analyst Timur Nigmatullin said.

Investors in Russia are likely to slew of financial and operating results releases for 2016 from the country’s second biggest lender VTB Bank, power holding Inter RAO, power producer Territorial Generating Company-1 (TGC-1), meat producer Cherkizovo and mining giant Evraz.

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