Moscow Exchange Index Set First Record in 2020

The Moscow Exchange index on the first day of trading in 2020 once again updated the historical maximum – 3086.09 points. By the end of trading on Friday, the index grew by 1% – up to 3076.37 points, while the RTS index increased by 0.99%, up to 1564.18 points, reports TASS

The dollar/ruble exchange rate on the Moscow Exchange at 19:00 Moscow time decreased by 0.13% to 61.9 rubles, the euro rate decreased by 0.48% to 69.13 rubles. The cost of futures for Brent crude oil for delivery in March 2020 on the ICE exchange in London increased by 2.57% to $ 68.82 per barrel.

A number of factors contributed to the achievement of new historic highs by the Russian stock market, said Sergey Deineka, a financial analyst at BCS Premier.

“Mainly – the general market optimism associated with the expectations of an early conclusion of the first phase of the China and US trade deal, as well as the increase in oil prices amid a sharp increase in the tension of the geopolitical situation in the Middle East along with a neutral weak dynamics of the ruble against the dollar, which contributed to the demand for domestic securities exporters,” he said.

The expert also added that the growing tension along the US-Iran leads to a rise in the price of gold, which was naturally translated into the growth of stock prices of Russian gold miners.

On Monday, January 6, BCS Premier expects the continuation of moderately upward dynamics in the Russian market. The forecast range of the company on the Moscow Exchange index on this day is 3070-3100 points, at the rate of the ruble against the dollar – 61.8-62.4 rubles.

Ru-Main, 04.01.2020 

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *