Russia’s MICEX to open flat, RTS to fall on weak ruble

MOSCOW, Aug 4 (PRIME) -- Russian stocks are likely to open mixed on Tuesday with the ruble-denominated MICEX staying almost flat and the U.S. dollar–denominated RTS falling on the weak ruble, analysts said.

“The fall of oil prices below U.S. $50 per barrel does not provide Russian investors with reasons for optimism,” Oleg Shagov, senior analyst at investment company Solid, said.

“We expect the Russian stock market to open flat on the MICEX index and to fall on the RTS index…Market participants will focus on the ruble, which in its turn will track the oil price dynamics.”

Olma senior analyst Anton Startsev said that technical analysis shows that a deeper downward correction of the RTS index is possible, but trading will seriously depend on the oil price.

The background prior to the opening of the trading session is neutral with U.S. stock index futures staying close to flat and Asian floors showing no unified dynamics.

But Vitaly Manzhos, senior analyst at Bank Obrazovanie, said he expected the MICEX index to edge up close to 1,665-1,670 at the opening.

Investors will also closely watch the release of the U.S. industrial orders data, Manzhos added.

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