Stocks edge up on strong ruble in spite of foreign bourse fall
MOSCOW, Jun 22 (PRIME) -- The Russian stock market ended WednesdayТs trading slightly higher thanks to a strong ruble that cushioned the negative impact of the external background, analysts said.
The MOEX Russia Index rose 0.62% to 2,373.52 and the RTS increased 1.69% to 1,403.36.
УThe BRICS summit and discussion of creation of a supranational currency, which the partners may use and which will be protected from sanctions, became the key news today. The report coupled with President Vladimir PutinТs decree on payments for RussiaТs foreign currency debt in rubles weakened the U.S. dollar against the euro and the Russian currency,Ф investment company Freedom Finance said in a research note.
Veles Capital analyst Yelena Kozhukhova said that the Russian market was under the impact of fundamental factors and the ruble rate, and disregarded the unfavorable external background.
The European and U.S. bourses fell as investors priced in the fears of a recession happening during the times of high inflation and rising interest rates. The Brent oil price lost around 4% on expectations of introduction of measures that restrict growth of oil prices in the U.S., but the Russian market climbed from its intra-day lows, Kozhukhova said.
The shares of oil and gas pipe producer TMK grew by 6.07% to 57.30 rubles. From the technical point of view, the share looks firm, and is testing the upward threshold of its mid-term downward channel that began in February, she said.
Otkritie Research leading analyst Andrei Kochetkov said that the shares of Russian gas giant Gazprom lose 1.92% to 295.80 rubles as the securities remained under the pressure of a possible increase of mineral extraction tax payments and of a possible decrease of exports to Europe.
Below are the MOEX Russia IndexТ five most active stocks on Wednesday:
|Company||Change, %||Last price, rbl||Trading volume, bln rbl|
(54.7081 rubles Ц U.S. $1)