Russian stock market closes higher as major indices post gains
The yuan edged up 2.85 kopecks to 11.573 rubles
MOSCOW, July 23. /TASS/. The ruble-denominated MOEX Index ticked up 0.41% to settle at 2,144.97 points in Thursday's main trading session, while the dollar-denominated RTS Index rose 0.5% to 861.82 points. The yuan edged up 2.85 kopecks to 11.573 rubles.
"Most MOEX Index components declined today, but heavyweight oil and gas blue chips managed to lift the overall momentum. Investors could not ignore the rapid surge in oil prices above $100. The simultaneous weakness of the ruble further fueled interest in exporter stocks," noted Andrey Smirnov, a stock market expert at BCS World of Investments.
"Shares of PJSC RSC Energia (+9%) emerged as the top gainers following today's talks between the Russian Foreign Minister and the US Secretary of State, during which they discussed resuming full-fledged contacts between the Roscosmos State Corporation, which owns over 95% of RSC Energia, and NASA," said Natalia Milchakova, leading analyst at Freedom Global.
According to her, Eurotrans shares (-13.6%) led the declines amid technical defaults and reports that Rossiya Bank plans to initiate bankruptcy proceedings against the company.
BCS World of Investments expects the MOEX Index to trade within the 2,075-2,175 range on Friday. Its exchange rate forecast for July 24 stands at 77-79 rubles per dollar and 11.4-11.7 rubles per yuan.
Freedom Global projects the MOEX Index to fluctuate between 2,050 and 2,150 points on Friday. The company's forecast for the dollar, euro, and yuan is 78-80 rubles, 88-90 rubles, and 11.5-11.9 rubles, respectively.