MOSCOW, Apr 7 (PRIME) -- The Russian stock market can edge up to above 2,500 on Friday thanks to a positive external environment, but may reverse in the second half of the trading session on profit-taking, analysts said.
“Purchases of Russian shares can be seen at the beginning of the trading session, and the MOEX Russia Index can try to break through the 2,500 line. The purchases can be triggered by the situation on the global energy market,” senior analyst at financial supermarket Banki.Ru Bogdan Zvarich said.
The nearest Brent oil futures is consolidating around U.S. $85 per barrel after a rise on Monday, he added.
“However, investors can begin taking profit from long positions ahead of the weekend, which may result to downward correction of the MOEX Russia Index to the range of 2,450–2,490,” Zvarich also said.
Zvarich sees the external background as moderately positive with the main Asian indices adding around 1.3%, and the core U.S. indices futures consolidating near the level of Thursday’s closing.
Alexei Golovinov, chief analyst at PSB Bank, also expects the MOEX Russia Index to try to consolidate above the 2,500 mark.
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