Russian stocks can correct downwards on profit-taking

MOSCOW, Apr 29 (PRIME) -- Investors on the Russian stock market can take profit on Friday ahead of the lengthy May holidays, which may cause correction in local shares, analysts said.

Senior analyst at financial supermarket Banki.Ru Bogdan Zvarich expects that investors will take profit prior to the May holidays and believes that the market can correct downwards.

Otkritie Broker analyst Andrei Kochetkov said: “We expect that the Russian stock market can resume growth although there is a high possibility that investors will take profit ahead of the lengthy weekend. The ruble can weaken because of the end of the tax payment period.”

The external background looks positive as oil prices and prices for most raw materials are increasing, he added.

Alor Broker analyst Alexei Antonov said that the shares of banking group TCS can fall after 40% 3-day growth.

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