Russian stock indices up as Friday’s trading closes on Moscow Exchange
Following the results of the main session, the MOEX index grew by 2.45%, to 2,678.99 points, the dollar-denominated RTS index went up by 2.64%, to 928.07 points
MOSCOW, September 13. /TASS/. The Russian stock market indices ended the trading session on Friday with the upward trend, according to Moscow Exchange data.
The MOEX index broke through 2,600 points during the day, but by the end of the session it was able to return to the area of the daily peaks. Following the results of the main session, the MOEX index grew by 2.45%, to 2,678.99 points, the dollar-denominated RTS index went up by 2.64%, to 928.07 points.
The yuan-to-ruble exchange rate grew by 0.27% in a day, to 12.76 rubles.
The wave of sales was caused by the increase in the key rate of the Bank of Russia to 19%, explained Alexander Shepelev, an expert on the stock market at BCS World of Investment.
"On the one hand, the increase in the key rate is moderately negative for stocks, since lending and debt servicing become more expensive, economic activity is lower. In addition, competition from debt market instruments and deposits increases. On the other hand, the monetary factor is significant, but not decisive for the stock market. Some companies benefit from the growth of rates," the expert explained.
The leaders of growth were preferred and ordinary shares of Surgutneftegas (+5.7% and +5.2%), Magnit securities (+5.03%), NLMK stock prices (+3.80%), and Ozon receipts (+3.78%). Solidcore shares rose by 0.97%.
The leaders of decline were PIK stock prices (-1.55%), Segezha shares (-0.57%), OGK-2 shares (-0.20%), and TMK stock prices (-0.2%).
BCS World of Investment experts expect that on September 16 the MOEX index to be in the range of 2,600-2,700 points, the yuan-to-ruble rate will be around 12.5-12.9 rubles, the dollar rate, based on the dynamics of futures contracts, may continue to move in the range of 90-92 rubles.
Freedom Finance Global expects that on Monday the MOEX index will move in the range of 2,600-2,700 points, the dollar rate may fluctuate in the range of 90-93 rubles, the euro rate can vary in the range of 99-102 rubles, the yuan rate will be 12.2-12.8 rubles.