Russian stocks may continue to decline due to negative background

MOSCOW, May 3 (PRIME) -- The Russian stock market can open lower on Wednesday in light of a moderately negative external background with falling oil prices and correction on global stock exchanges, analysts said.

“We expect persisting pressure at the opening of the Russian stock market following yesterday’s fall of oil prices and investors’ worsening appetites for risk. The technical factor of the MOEX Russia Index falling below the support line of 2,600 can also trigger taking profit from growth of the past few months,” senior analyst at financial supermarket Banki.Ru Bogdan Zvarich said.

In the present conditions, the Russian market can make another step down to the 2,500 mark, he added.

Zvarich also said that the global sentiment looks moderately negative. Main Asian bourses are falling by 1%, while there is no trade in Japan and China, and the core U.S. indices futures are consolidating at the levels of closing after a 1% decline during the previous trading session.

PSB Bank senior analyst Yegor Zhilnikov expects further growth of the Russian ruble, which can test the important level of 79–79.5 rubles per U.S. dollar.

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