Russian stock market closes down as major indices drop

MOSCOW, June 4. /TASS/. The MOEX Index fell 0.82% to 2,579.9 points at the close of Thursday's main trading session, while the dollar-denominated RTS Index dropped 2.1% to 1,093.91 points. The yuan shed 3.65 kopecks to 10.8235 rubles.

"The Russian stock market remains weak. Tuesday's already modest momentum was completely erased yesterday. Today, the MOEX Index is hovering aimlessly below 2,600 points. There is no will to grow. Neither the rise in currency pairs, nor high energy prices, nor the traditionally optimistic atmosphere of SPIEF are helping our market," said Lyudmila Rokotyanskaya, a stock market expert at BCS World of Investments.

"Lenta retailer shares (+2%) rose in anticipation of the completion of the deal to acquire the O'Key hypermarket chain," noted Natalia Milchakova, lead analyst at Freedom Finance Global.

According to her, the top decliners were FESCO shares (-4.9%), most likely because the issuer announced its annual general meeting of shareholders for June 25, but no dividends will be paid.

Freedom Finance Global expected the MOEX Index to move within a corridor of 2,550-2,650 points on Thursday. Its forecast for the dollar, euro, and yuan stood at 72-74 rubles, 85-87 rubles, and 10.5-11 rubles, respectively.

"The MOEX Index forecast for tomorrow is fluctuations within the 2,570-2,600 range, with a higher probability of sliding toward the lower bound. <...> The currency pairs forecast for tomorrow: the yuan near 10.76 rubles, the dollar around 72.9 rubles," added Rokotyanskaya.