Russian stocks can continue growth on uncertain foreign environ

MOSCOW, Apr 5 (PRIME) -- The Russian stock market can continue previous growth thanks to a neutral foreign background on Wednesday, but the market looks overbought, analysts said.

“On Tuesday, the MOEX Russia Index broke through the 2,500 mark hitting new highs since April 2022, but did not manage to stay above the line… which means that part of the investors took profit from long positions,” senior analyst at financial supermarket Banki.Ru Bogdan Zvarich said.

“In case the trend persists, Russian stocks can be pressured in the second half of this week, and the MOEX Russia Index can begin correction movement,” he added.

Zvarich also said that sentiments on the global markets are controversial with the main Asian indices trading mixed, the core U.S. indices futures consolidating at the levels of closing, and the Brent oil price adding 0.5% to around U.S. $85.4 per barrel.

Alexander Arutyunyan, chief economist of investment company Russ-Invest, said that the external background is neutral ahead of the opening of the Russian stock market, which may be positive for energy and gold producers. Growth can continue, but the market looks overbought.

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