Russian stocks may correct downwards on background deterioration

MOSCOW, Apr 24 (PRIME) -- The Russian stock market will likely open lower on Monday, because a negative external background may trigger a downward correction, analysts said.

"We expect a decrease of the MOEX Russia Index towards 2,600. The reason is, first of all, a long overdue correction, as well as the deteriorating external background," Alexei Golovinov, chief analyst at PSB Bank, said.

BCS World of Investment said in a research note that dividend record dates would also likely affect the Russian market negatively.

PSB Bank senior analyst Yegor Zhilnikov said that investors will be waiting for Friday’s meeting of the central bank's board of directors that may raise the key rate to support the ruble.

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