Russian stock market seen decreasing on profit taking

MOSCOW, Mar 23 (PRIME) -- The Russian stock market is likely to decrease at opening on Thursday as investors continue to take profit, analysts said.

“At the same time, our shares are supported by improvement in oil prices. However, the desire of some players to take profits on long positions compensates the positive energy market and does not allow the Russian market to continue its upward trend,” Bogdan Zvarich, senior analyst at financial platform Banki.ru, said.

The MOEX Russia Index may go into a corrective decline and retreat to the area of 2,350–2,380, the analyst added.

Sentiment in world markets on Thursday morning can be characterized as contradictory, Zvarich also said.

Promsvyazbank senior analyst Alexei Golovinov said that the index today will continue to consolidate in the range of 2,375–2,400. However, the external environment is favorable for the index to try to test the 2,400 level again, he added.

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