Russian stocks can decrease on profit-taking amid mixed background

MOSCOW, Mar 24 (PRIME) -- The Russian stock market can continue correcting down on Friday as investors will likely take profit from the recent wave of growth amid an uncertain foreign background, analysts said.

“Russian stocks will likely continue downward correction. The main reason is investors’ wish to take profit from long positions, accumulated during a wave of growth that started in the middle of February,” senior analyst at financial supermarket Banki.Ru Bogdan Zvarich said.

“As a result, the MOEX Russia Index can fall to the range of 2,350–2,380. The trend can be interrupted by improvement of the situation on the energy market. In case the Brent oil price reaches U.S. $77 per barrel, demand for Russian stocks can rise to give the market an opportunity to recoup previous losses,” he also said.

Zvarich sees the external background on Friday morning as controversial. The main Asian markets are losing up to 0.5%, the core U.S. indices futures are rising by 0.2%, and the nearest Brent oil futures are falling by 0.1% to $75.8 per barrel.

Alexei Golovinov, chief analyst at PSB Bank, expects the MOEX Russia Index to consolidate within the range of 2,375–2,400 during the day.

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