MOSCOW, October 22. /TASS/. The MOEX Index fell by 0.71% to 2,429.51 points at the close of Thursday’s main trading session, while the dollar-denominated RTS Index rose by 0.33% to 943.41 points. The yuan exchange rate declined by 6.05 kopecks to 12.165 rubles.

"The MOEX Index continued to cool off following a wave of gains. Apart from the easing of overbought conditions in several stocks, the approaching Central Bank meeting may also have played a role. The correction was limited by high oil prices, which climbed above $112 today," stock market expert at BCS World of Investments Andrey Smirnov said.

Stock market

The top gainers were Acron (+2%), Cian (+1%), Diasoft (+1%), FESCO (+0.9%), and Positive Group (+0.8%), according to analyst at Finam Financial Group Egor Vershinin.

According to Natalia Milchakova, lead analyst at Freedom Global, the rise in Acron shares may have been driven by expectations of potential mineral fertilizer supplies from Russia to the United States.

The biggest decliners were Rosseti Center (-5.9%), TMK (-4.6%), Polyus (-3.9%), SFI (-3.9%), and VK (-3.2%), Vershinin added.

Milchakova suggested that the decline in TMK shares may have been linked to statements by Russian and Chinese officials indicating that the two countries would likely finalize the commercial terms of the Power of Baikal gas pipeline project only by the end of 2026.

Outlook for October 23

BCS World of Investments expects the MOEX Index to remain above 2,400 points on Friday. A break below 12.25 rubles per yuan could pave the way for a decline to 12 rubles, while the dollar could trade in a range of 81-82 rubles.

Freedom Global expects the MOEX Index to trade in a range of 2,400-2,500 points on Friday. Its forecasts for the dollar, euro, and yuan exchange rates are 80-82 rubles, 90-92 rubles, and 12-12.4 rubles, respectively.