Russian stock market fluctuates as MOEX and RTS indices decline amid currency shifts

MOSCOW, September 11. /TASS/. At the close of the main trading session on Friday, the MOEX Index fell by 1.21% to 2,281.04 points, while the dollar-denominated RTS Index dropped by 1.1% to 852.84 points. The yuan exchange rate declined by 1 kopeck to 12.51 rubles.

"After a moderate correction, the Russian stock market initially surged: the MOEX Index hit a monthly high just above the 2,320-point mark but then fell rapidly, erasing all of yesterday's gains. The index lost about 2% at one point but recovered more than half of that decline during the second half of the session," Dmitry Babin, a stock market expert at BCS World of Investments, said.

"Shares of Seligdar (+4.4%) were the top gainers on the Russian stock market today, likely driven by rising gold prices and the simultaneous weakening of the ruble," Natalia Milchakova, Lead Analyst at Freedom Global, noted.

Leading the decline were shares of Ozon International (-4.3%) following new UAV attacks on the company's logistics infrastructure in the Volga region, she added.

BCS World of Investments forecasts the dollar exchange rate for Monday at 83.5-84.5 rubles and the yuan at 12.45-12.6 rubles. The MOEX Index is likely to trade within the range of 2,280-2,320 points.

Freedom Global expects the MOEX Index to trade within the range of 2,250-2,350 points on Monday. Its forecasts for the dollar, euro, and yuan exchange rates are 83-85 rubles, 96-98 rubles, and 12.4-12.8 rubles, respectively.

In turn, Tsifra Broker notes that the risk of further ruble weakening in the short term appears limited. Instead, exchange rates could shift toward the lower ends of the ranges: 12.4-12.8 rubles per Chinese yuan, 83-86 rubles per US dollar, and 96-100 rubles per euro.