Russians stocks can rise thanks to support of stronger oil prices

MOSCOW, May 5 (PRIME) -- The Russian stocks market can edge up at the opening and during the day on Friday thanks to strengthening of oil prices and ahead of a lengthy weekend, analysts said.

“The Russian stock market can again make an attempt to recoup a part of its previous losses at the beginning of the trading session on Friday. Recovering crude prices and profit-taking from short positions ahead of a lengthy weekend can encourage the MOEX Russia Index to rise to 2,540–2,560,” senior analyst at financial supermarket Banki.Ru Bogdan Zvarich said.

However, in the coming weeks, there still are risks of further negative dynamics of the benchmark to below 2,500, he added.

Russia will celebrate Victory Day on May 9, and May 8 will also be a day-off.

Zvarich said that the external background looks mixed with the main Asian markets losing up to 0.7%, and the core U.S. indices futures trying to recover by around 0.3% after a session of losses. The Brent oil price is trying to consolidate above U.S. $73 per barrel.

PSB Bank senior analyst Yegor Zhilnikov expects the ruble to strengthen closer to 77 rubles per U.S. dollar, but sees no further strengthening outlooks.

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