Russian stocks may continue correction at opening on profit taking

MOSCOW, Sep 7 (PRIME) -- The Russian stock market may continue Wednesday’s correction at opening on Thursday on profit taking, analysts said.

“Following Wednesday's results, the MOEX Russia Index fell by 0.6%, retreating to 3,245. Today, at the start of trading, the predominance of sales in Russian shares may persist,” senior analyst at financial supermarket Banki.Ru Bogdan Zvarich said.

Some investors perceive the current levels as acceptable for profit taking on long positions, which leads to the activation of sales and the market's transition into correction, despite the continued growth of oil prices, he added.

“It should be noted that all trends on the chart of the MOEX Russia Index are directed upward, which may speak in favor of the scenario with targets around 3,400. It should be also noted that the nearest support for the market is at 3,200,” the analyst also said.

Cifra Broker analyst Maria Glushenkova said that the external background today is rather negative.

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