MOEX, RTS indexes close mixed as Thursday trading ends

TASS Russian News Agency | Jun 10, 2021 at 8:08 PM

MOSCOW, June 10. /TASS/. Russian market indexes ended the trading session on Thursday with mixed dynamics, despite the favorable external background.

The MOEX index fell by 0.41% to 3,827.71 points, the dollar-denominated RTS index grew by 0.16% to 1,677.36 points.

The strengthening of the ruble became the restraining factor for the dynamics of the MOEX index.

As of 7:40 pm Moscow time the dollar-to-ruble rate decreased by 0.34% to 71.96 rubles, the euro rate fell by 0.46%, to 87.62 rubles.

"The most anticipated news of the day was the publication of data on May inflation in the US, the CPI reached a 13-year high of 5%, exceeding forecasts. However, the number of application for unemployment benefits in the US for the week was slightly higher than expected, the weakness of the labor market smoothed inflation negative. As a result, after a slight drawdown, world markets returned to growth," investment strategist at the BCS World of Investments Alexander Bakhtin said.

On Friday, June 11, the Russian Central Bank will hold a meeting on the key rate. "The baseline scenario is an increase in the rate by 0.5 percentage points - up to 5.5%. Also, news may come from the summit of the leaders of the G7 countries, which will begin in the UK. US President Joe Biden will take part in the G7 meeting for the first time. In addition, investors will pay attention to the IEA's monthly review of the oil market, "Bakhtin notes.

Taking into account the improvement in price dynamics on the American sites, the chances of an increase in the Russian market also prevail, Freedom Finance analyst Alexander Osin believes.

According to Freedom Finance, target range for the closing of trading on Friday for the MOEX index is 3,815-3,855 points, for the dollar and euro - 71.25-72.25 rubles and 86.8-88.05 rubles respectively.

According to BCS Investments World, the MOEX index on Friday will be formed in the range of 3,760-3,860 points, the dollar exchange rate will be in the range of 71.4-72.4 rubles.