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Russian stock market closes with mixed dynamics

The MOEX index rose to 2,495.09 points

MOSCOW, October 28. /TASS/. The MOEX index rose by 0.74% to 2,495.09 points at the close of trading on Tuesday, while the dollar-denominated RTS index declined by 0.31% to 984.76 points. The yuan edged up slightly to 11.17 rubles.

"The MOEX index attempted a rebound, seeking to surpass the round mark of 2,500 points. The likelihood of this was high due to the oversold condition of most stocks - the benchmark had fallen nearly 7% over the previous three sessions. However, geopolitical and monetary factors continue to weigh on sentiment," equity market expert at BCS World of Investments Alexander Shepelev said.

Stock Market

"The shares of the Moscow Exchange were among the day’s laggards, falling by 1.2%, most likely because the issuer’s securities appear somewhat overvalued," leading analyst at Freedom Finance Global Natalya Milchakova said.

According to her, the session’s top gainers included the shares of Sollers, one of the flagships of the Russian automotive industry, which rose 7%, possibly on expectations that the corporation may receive government support following the recent EU sanctions imposed against it.

Forecast for October 29

BCS World of Investments forecasts the MOEX index in the range of 2,450-2,550 points for October 29. The forecast exchange rates are 80-81 rubles per US dollar and 11.3 rubles per yuan.

According to Freedom Finance Global, the Moscow Exchange Index is expected to fluctuate within 2,450-2,550 points on Wednesday. The firm’s forecast for exchange rates is 78-80 rubles per US dollar, 91-93 rubles per euro, and 11-11.4 rubles per yuan, respectively.