Russian stocks may rise at opening on supportive background

MOSCOW, May 4 (PRIME) -- The Russian stock market is likely to open the trading session with an increase on Thursday amid quite positive external background, analysts said.

“The deterioration in oil prices and profit taking on long positions in Russian shares yesterday continued to put pressure on our market. However, today we do not exclude attempts of the market to recovery, which is promoted by improvement of external background, which will allow to recoup part of the losses,” Bogdan Zvarich, senior analyst at financial platform Banki.ru, said.

However, on the horizon of the nearest weeks there are still risks of continuation of corrective decrease and retreat of the MOEX Russia Index below 2,500 points, he added.

BitRiver’s financial analyst Vladislav Antonov said that an active sell-off continued amid plummeting oil prices and strengthening of the ruble. Downward correction towards the support located at 2,415 points is developing on the market, he added.

Ruble weakening at the end of the week might stop the sell-off of the shares, the analyst also said.

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