Russian stock market closes up on major indices

MOSCOW, July 8. /TASS/. The MOEX Index rose 1.39% to 2,220.77 points at the close of main trading on Wednesday, while the dollar-denominated RTS Index gained 1.02% to reach 915.67 points. The yuan fell by 8 kopecks to 11.2 rubles.

"The MOEX Index fluctuated near 2,200 points on Wednesday with mixed success. Oil prices surged on geopolitical developments. Otherwise, there is little positive news. Attacks on Russian energy infrastructure continue, with reports emerging of damage to a compressor station involved in gas supplies to Turkey via the Blue Stream pipeline," noted Andrey Smirnov, a stock market expert at BCS World of Investments.

"RussNeft shares (+7.2%) advanced today, most likely on the back of a rally in oil prices," said Natalia Milchakova, leading analyst at Freedom Global. According to her, Polyus shares (-25%) led the decline, becoming the worst-performing stock of the session following news that management intends to propose a suspension of dividend payments until 2030 to the board of directors.

Forecast for July 9

BCS World of Investments forecasts the MOEX Index at 2,125-2,255 points tomorrow, with the dollar exchange rate at 76-78 rubles and the yuan at 11.1-11.4 rubles.

According to Freedom Global, the MOEX Index could fluctuate within the 2,150-2,250 range on Thursday. Its forecast for the dollar, euro, and yuan exchange rates stands at 76-78 rubles, 86-88 rubles, and 11.1-11.6 rubles, respectively.

Tsifra Broker noted that the technical picture for the MOEX Index remains unchanged, with the support level still around 2,100 points and the resistance level at 2,300 points. The company's near-term forecast for the dollar is 78-81 rubles, the euro at 87-90 rubles, and the yuan at 11.3-11.7 rubles.