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Russian Stock Market Closes Lower as Ruble Weakens

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Russia's stock market closed lower on Thursday, with the MOEX Index falling 1.53% and the RTS Index down 0.92%.
The ruble also weakened against the yuan.
Analysts anticipate a continued downward trend, with potential oil price increases if the Strait of Hormuz is blocked.

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The Russian stock market experienced a downturn on Thursday, with both the MOEX and RTS indices closing in the red. The ruble also saw a slight depreciation against the yuan.

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MOSCOW, July 9. /TASS/. Russia’s stock market closed in the red on Thursday as the ruble-denominated MOEX Index lost 1.53% to 2,186.75 points, while the dollar-denominated RTS Index fell by 0.92% to 907.25 points. The yuan exchange rate against the ruble added 4 kopecks to 11.25 rubles.

"The MOEX Index attempted to hold above the 2,200-point mark today. Negative sentiment continues to prevail, though selling activity has eased somewhat. Trading volumes have declined compared to previous sessions," said Andrey Smirnov, stock market analyst at BCS World of Investment.

BCS World of Investment projects the MOEX Index at 2,125-2,225 points, and the dollar and yuan exchange rates at 76-78 rubles and 11.1-11.3 rubles, respectively, on Friday.

Freedom Global expects the MOEX Index at 2,180-2,230 points on July 10. The USD/RUB pair is expected to trade at the 76-78 rubles range, the EUR/RUB pair is projected at the 86-88 rubles range, while the CNY/RUB pair is expected at the 11.1-11.6 rubles range.

Tsifra Broker expects the market’s downward trend to continue in the near term. Should the conflict escalate further and the Strait of Hormuz be completely blocked again, oil prices could potentially rise to $85-90 per barrel, analysts added.