Russia's Stock Market Declines as Ruble Weakens Against Yuan

MOSCOW, September 2. /TASS/. Russia’s stock market closed in the red on Wednesday as the ruble-denominated MOEX Index lost 0.1% to 2,185.04 points, while the dollar-denominated RTS Index fell by 0.38% to 791.23 points. The yuan exchange rate against the ruble gained 5.15 kopecks to 12.98 rubles.

BCS World of Investment believes that the MOEX Index could soon make another attempt to consolidate above the 2,200-point level unless the geopolitical news backdrop deteriorates further, while the yuan could attempt to break through the resistance level near the 14-ruble mark in the coming days given the persistent trend of the ruble’s weakening.

According to Freedom Global, the MOEX Index may trade within the 2,100-2,200-point range on Thursday. Forecasts for the dollar, euro, and yuan exchange rates for September 3 are 86-88 rubles, 100-102 rubles, and 12.7-13.2 rubles, respectively.

According to Tsifra Broker, the MOEX Index may consolidate within the 2,100-2,200-point range while awaiting a positive impetus for further growth. Meanwhile, exchange rates could either consolidate near current levels or test the upper boundaries of the 12.8-13-ruble range against the Chinese yuan, the 86-88-ruble range against the dollar, and the 100-102-ruble range against the euro.