Russian stocks can grow amid rising oil, optimistic background

MOSCOW, Jun 3 (PRIME) -- The Russian stock market looks overbought, but is likely to keep the upwards dynamics on Thursday thanks to further strengthening of crude prices and a positive global background.

“The external background seen in the morning is positive… But further growth without a correction is problematic,” Andrei Vernikov, head of investment analysis department of Investment Group Univer, said.

Alor Broker analyst Alexei Antonov said that the MOEX Russia Index is overbought and should return to the channel, but not on Thursday, because crude prices continue to inflate adding 0.7% to near U.S. $72 per barrel.

Vitaly Manzhos, senior risk manager at investment company Algo Capital, expects the MOEX Russia Index to open around 0.2–0.6% higher within a 3,825–3,840 range.

Russian traders will also follow news from the St. Petersburg International Economic Forum that is presently taking place.

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