Russian stocks to open neutrally on flat oil prices, lack of drivers

MOSCOW, Mar 13 (PRIME) -- Russian stocks are projected to open neutrally on Tuesday amid flat oil prices and lack of major drivers, analysts said.

“We expect a neutral start of trading in Russia with an insignificant change at the MOEX Russia Index, in the range of 2,315–2,320 points,” Vitaly Manzhos, senior risk manager at investment company Nord Capital, said. The nearest support levels will be 2,310 and 2,300 points, while 2,330 and 2,340 will act as resistance.

After the neutral opening, MOEX Russia Index will likely switch to consolidation in expectation of new drivers, Manzhos said.

The U.S. stock indices have decreased a bit on average, the U.S. stock index futures are slightly growing, European indices closed mixed, and Asian stocks are not showing single dynamics. Olma senior analyst Anton Startsev said.

“Consolidation of the RTS index may continue today at the start of trading. Data on the U.S.’s consumer price index (CPI) dynamics can potentially withdraw markets from the lull in case they differ from the forecasts and affect expectations about changes in interest rates,” Startsev said.

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