Russian stocks can edge up at opening supported by strong crude

MOSCOW, Jul 28 (PRIME) -- Positive sentiments can persist on the Russian stock market in the first half of the trading session on Friday thanks to strong crude prices, but the local indices can correct downwards later in the day as investors can take profit ahead of the weekend, analysts said.

“We expect positive sentiments to persist at the opening of the Russian stock market today. The Brent oil price consolidating in the upper part of the U.S. $80–85 per barrel range is still the main reason for purchases,” senior analyst at financial supermarket Banki.Ru Bogdan Zvarich said.

The MOEX Russia Index can reach local highs making another step to the 3,000 level, he added.

However, sales can be seen later in the day as some investors will be willing to take profit from speculative long positions ahead of the weekend, Zvarich also said.

Zvarich sees this morning’s external background as controversial with the main Asian stock exchanges trading mixed and the core U.S. indices futures recovering by up to 0.4% from the previous fall.

PSB Bank senior analyst Yegor Zhilnikov said that the peak of the taxation period in Russia can be seen on Friday, which will support the ruble. But the ruble is still unlikely to consolidate below the level of 90 rubles per U.S. dollar.

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