MOSCOW, July 17. /TASS/. Russia’s stock market closed in the red on Friday as the ruble-denominated MOEX Index lost 3.16% to 1,958.43 points, while the dollar-denominated RTS Index fell by 3.26% to 786.94 points. The yuan exchange rate against the ruble lost 1 kopeck to 11.57 rubles.
"The MOEX Index keeps hitting new lows, with the battle now playing out around the 2,000-point mark. The stock market has lost more than a quarter of its value since the beginning of the year. Intensifying negative factors and a near-total absence of positive ones currently offer no prospect of a significant trend reversal," said Andrey Smirnov, stock market analyst at BCS World of Investment.
BCS World of Investment forecasts the MOEX Index to range between 1,950 and 2,100 points for the beginning of next week, with the dollar exchange rate at 77-79 rubles and the yuan at 11.3-11.6 rubles.
Freedom Global expects the MOEX Index at 1,900-2,000 points on Monday. The forecast for the dollar, euro, and yuan exchange rates is 76-78 rubles, 88-90 rubles, and 11.2-11.6 rubles, respectively.
The market downturn has persisted for 19 consecutive weeks and looks likely to extend into the first half of next week, given the impact of dividend gaps, Tsifra Broker noted. In the absence of positive news, the MOEX Index could continue its decline toward the 1,900-point mark, according to analysts. Exchange rates are expected to stabilize within the ranges of 11.3-11.8 rubles per yuan, 77-80 rubles per dollar, and 88-91 rubles per euro.