Russian stocks can edge down slowly to May’s lows

MOSCOW, May 25 (PRIME) -- The Russian stock market can make another attempt to edge down on Wednesday despite a relatively positive external background, analysts said.

“We expect negative sentiments to persist in Russian shares, which will result in a second attempt to drive the market under the lows of the first half of May. On Tuesday, the MOEX Russia Index fell below the 2,280 mark, but mainly managed to recoup by the end of the trading session. If the market consolidated below the mark today, the MOEX Russia Index’s basic scenario will be a fall to the range of 2,150–2,200,” senior analyst at financial supermarket Banki.Ru Bogdan Zvarich said.

The global markets demonstrate a moderately positive sentiment, he added. Main Asian indices rise by up to 0.7%, core U.S. indices futures are adding up to 0.6%, and the Brent oil price is growing by 0.9% to U.S. $111.6 per barrel.

Otkritie Broker analyst Andrei Kochetkov sees no direct reasons for another steep fall of the Russian market and expects it to edge down slowly.

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