Russian stock market closes lower as major indices drop within 2%

Business & Economy September 17, 20:12

The MOEX Index slid 1.57% to close at 2,248.87 points, while the RTS Index fell 1.97% to 838.3 points

MOSCOW, September 17. /TASS/. The ruble-denominated MOEX Index slid 1.57% to close at 2,248.87 points on Thursday, while the dollar-denominated RTS Index fell 1.97% to 838.3 points. The Chinese yuan ticked slightly down to 12.57 rubles.

"Profit-taking continued on the Russian stock market on Thursday," Andrey Smirnov, a market expert at BCS World of Investments, said. "Meanwhile, The Federal Statistics Service’s latest inflation report showed consumer price growth slowing on both a weekly and annual basis, with annual inflation easing to 6.27% from 6.29% a week earlier."

Samolet Group emerged as the day's top gainer, jumping 5.1% despite the broader market decline, Natalia Milchakova, Lead Analyst at Freedom Global, noted.

Meanwhile, retailer Lenta led the decliners, plunging 5.6% ahead of its upcoming exclusion from the MOEX Index calculation basket on September 18.

BCS World of Investments forecasts the US dollar at 84-85 rubles for Friday and the yuan at 12.4-12.6 rubles, identifying 2,200 points as the next key support level for the MOEX Index.

Meanwhile, Freedom Global expects the MOEX Index to trade within the 2,200-2,300 range on Friday, projecting exchange rates at 83-85 rubles for the dollar, 96-98 rubles for the euro, and 12.4-12.8 rubles for the yuan. At the same time, Tsifra Broker notes that the ruble could lean toward moderate strengthening, fluctuating within 12.4-12.8 rubles per Chinese yuan, 83-86 rubles per US dollar, and 96-100 rubles per euro.

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