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Russian stocks to open flat, to watch for foreign statistics

MOSCOW, Jun 20 (PRIME) -- Russian stock are likely to open flat on Friday and will be waiting for foreign statistics to give it a direction, analysts said.

“We expect the market to open with an insignificant change, close to the 1,495 mark on the MICEX index,” Yakov Shlyapochnik, Nord Capital CEO, said.

“The neutral start is likely to be followed with a sideways trend as traders will be waiting for the opening of western trading floors. If there are no important foreign signals, the MICEX index will continue its sideways trend in a three-day range of 1,480-1,509.”

Promsvyazbank senior analyst Oleg Shagov agreed saying that the market is likely to be trading flat, but Olma Deputy CEO Alexei Bystrov expects the markets to open lower in correction. “The signs of that world stock market indices growth is suspended may affect buyers’ activity on the Russian market as well,” he said.

Shlyapochnik also said that the next support levels are 1,485 and 1,470, while the resistance levels are 1,510, 1,520.

Bystrov said that the oil price of U.S. $115 is likely to support interest to Russian energy stocks on the whole, although Bashneft, Gazprom Neft and Severstal may underperform the market as they have already paid their dividends.

The background prior to the markets opening is mixed with U.S. futures changing insignificantly, Asian floors showing no single dynamics, Shagov said.

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