MOEX index up 1.39%, RTS index up 1.56% as Tuesday’s trading closes

Business & Economy September 12, 2023, 20:18

The dollar-to-ruble rate decreased by 0.15% closing at 94.94 rubles, while the euro rate dropped by 0.52% to 101.96 rubles

MOSCOW, September 12. /TASS/. The Russian stock indices showed growth in the course of trading on the Moscow Exchange on Tuesday.

By the end of the trading session, the MOEX index rose by 1.39% to 3,165.92 points, the dollar-denominated RTS index went up by 1.56% to 1,049.65 points.

The dollar-to-ruble rate decreased by 0.15% closing at 94.94 rubles, the euro rate dropped by 0.52% to 101.96 rubles, the yuan rate went down by 0.24% to 12,988 rubles.

After almost a week of decline, the Russian market has found a foothold near a fairly strong level of 3,100 points, says Alexander Shepelev, expert on the stock market at BCS World of Investments.

"The MOEX index was already adding about 1% (3,155 points) by lunchtime, slowing down slightly only in the evening. Once again, one of the reasons for the positive mood on the market can be speculation around changes in the key rate. The ruble, which has sharply strengthened in recent days, can convince the regulator not to raise the rate, which is certainly good for the stock market," the expert said.

Shepelev believes that the price of oil, which remains confidently above $90 per barrel, also has every chance of continuing to grow. On Tuesday, Brent oil price added about 0.8%.

On Tuesday, the leaders of growth were the shares of following companies: DEK energy company (+24.8%), Qiwi (+7.91%), Ozon (+5.47%), Unipro (+5.41%), Globaltrans (+4.61%).

"The absolute leader of Tuesday’s growth was the shares of the energy company DEK, most likely following the recommendations of President Vladimir Putin on updating the energy system of the Far East," said Natalya Milchakova, leading analyst at Freedom Finance Global.

The biggest loss makers at the end of the session were NCSP shares (-0.34%) and Acron shares (-0.32%).

According to a forecast by BCS World of Investments, on September 13, the MOEX index will be in the range of 3,130-3,155 points. The dollar-to-ruble rate is expected between 93.9 and 94.3 rubles.

Freedom Finance Global expects the MOEX index to fluctuate withing the corridor of 3,100 - 3,200 points, the dollar-to-ruble rate - in the range of 93-95 rubles, the euro-to-ruble rate - in the corridor of 100-102 rubles, the yuan-to-ruble rate - in the range of 12.8-13.3 rubles.

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