Russian stock indices decline as main trading session on Moscow Exchange closes

Business & Economy March 19, 20:55

The MOEX Index fell 0.1% to 2,868.99 points, while the dollar-denominated RTS Index fell 2.11% to 1,065.32 points

MOSCOW, March 19. /TASS/. The MOEX Index fell 0.1% to 2,868.99 points by the end of the main trading session on the Moscow Exchange, while the dollar-denominated RTS Index fell 2.11% to 1,065.32 points. The yuan rate rose 28 kopecks to 12.47 rubles.

"The Russian stock market had another trading session without a clearly directional trend. The MOEX Index was close to 2,900 points. The favorable combination of rising oil prices and a weak ruble supported demand for exporters’ shares. Brent crude oil retreated from its highs of $120 during the day, dampening the momentum of oil stocks," noted Alexander Shepelev, a stock market expert at BCS World of Investments.

"PhosAgro shares (+4.1%) were the top gainers on the stock market, most likely due to higher fertilizer prices amid the blockage of the Strait of Hormuz," said Natalia Milchakova, leading analyst at Freedom Finance Global.

The leaders of decline were En+ Group shares (-3.2%), apparently following the release of weak financial results from Rusal, a company in the same group as the issuer, she added.

BCS World of Investments forecasts the MOEX Index for Friday at 2,800-2,900 points. The dollar could settle at 84-87 rubles, and the yuan at 12-12.6 rubles.

Freedom Finance Global expects the MOEX Index to fluctuate between 2,850 and 2,950 points on Friday. The forecast for the dollar, euro, and yuan is 85-87 rubles, 97-99 rubles, and 12.4-13 rubles, respectively.

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