Analysts say today’s correction on the Russian equity market was of a purely technical character and was short-lived

Analysts say today’s correction on the Russian equity market was of a purely technical character and was short-lived. After a low opening, most Russian shares started rising. Probably, this was just a profit taking, mainly on the part of Russian traders. According to analysts, traders are still optimistic, because many non-residents are increasing their presence in Russia, and funds that had left the country earlier are coming back to the Russian market. The new money urges the market upward, and the rising trading volume shows that the current trend is correct, experts say. Analysts say the market was poised for correction in the morning, but many traders feared that shares would continue rising, and their nerves failed them: prices started rising in afternoon trading. According to experts, traders were pessimistic, but later oil prices supported the market, and other shares followed. There is a lot of money on financial markets now, and it is difficult to say how long the growth on the Russian equity market will last. Shares of oil companies have demonstrated the largest growth over the past few days. In December they performed worse, but after the Organization of the Petroleum Exporting Countries decided to cut its oil output, oil prices started rising, and shares of Russian oil companies rallied. Analysts say shares of Norilsk Nikel are also in demand, due to rising prices for its products.