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Russian stock indices slightly decline as trading on Moscow Exchange closes on Wednesday

"Buyers were inactive, despite a noticeable upward impulse in oil," said investment strategist at BCS World of Investments Alexander Bakhtin

MOSCOW, November 29. /TASS/. The Russian stock market suffered moderate losses on Wednesday. At the end of the day, the MOEX index fell by 0.71% to 3,173.52 points, and the dollar-denominated RTS index edged down by 0.05% to 1,128.01 points.

The yuan-to-ruble rate decreased by 0.076% to 12.4 rubles, the dollar-to-ruble rate decreased by 0.79% to 88.64 rubles, the euro rate dropped by 0.86%, to 97.33 rubles.

"The shares of representatives of the metallurgical and energy sectors fell more actively than others, IT companies looked better than the market. Buyers were inactive, despite a noticeable upward impulse in oil," said investment strategist at BCS World of Investments Alexander Bakhtin.

The strengthening of the ruble was a deterrent, the expert added. In the meantime, the external background remained ambiguous.

"The indices of Chinese stock exchanges were trading in the red, while on European markets the mood was more upbeat. The second estimate of US GDP for the 3rd quarter of 2023 - 5.2% year-on-year - turned out to be higher than the preliminary 4.9%," Bakhtin said.

Also, the Organization for Economic Co-operation and Development (OECD) predicted that global GDP in 2023 will increase by 2.9%, the September forecast included an increase of 3%. The organization noted that the growth rate of the global economy will not recover until 2025.

On Wednesday, the leaders of growth were shares of Fesco (+3.5%) amid interest in the Russian maritime transport sector and the undervaluation of these securities, said Natalya Milchakova, leading analyst at Freedom Finance Global.

The leaders of the decline were the shares of the Polymetal group (-5.5%).

According to a forecast by the BCS World of Investments, on Thursday, November 30, the MOEX index will be in the range of 3,150-3,250 points, the dollar-to-ruble rate will be around 87.5-90.5 rubles. According to the forecast of Freedom Finance Global, tomorrow the MOEX Exchange index may vary in the range of 3,100-3,200 points, the dollar-to-ruble pair will fluctuate in the range of 87-89 rubles, the euro-to-ruble rate will be around 96-98 rubles, the yuan-to-ruble will be in the range of 12.1-12.6 rubles.

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