Russian stock market closes sharply higher on surging energy prices

Russian stock market closes sharply higher on surging energy prices The MOEX Index had jumped 3.51% to 2,361.08 points, while the RTS Index climbed 3.41% to 881.93 pointsMOSCOW, September 14. /TASS/. By the end of Monday's main trading session, the ruble-denominated MOEX Index had jumped 3.51% to 2,361.08 points, while the dollar-denominated RTS Index climbed 3.41% to 881.93 points. The Chinese yuan exchange rate edged up by 5 kopecks to 12.57 rubles. "The Russian stock market kicked off the new week with solid growth, reaching monthly highs," noted Andrey Smirnov, a stock market expert at BCS World of Investments. "Oil and gas equities led the rally, capitalizing on rising global energy prices amidst the ruble's relative weakness. The market quickly priced in the Central Bank's neutral decision on the key interest rate from last Friday." "Shares of Eurotrans (+23.5%) emerged as the top gainers on the Russian stock market today, possibly driven by the stock being undervalued," said Natalia Milchakova, lead analyst at Freedom Global. In the meantime, Samolet Group shares plummeted 7.9%, leading the decline. Milchakova attributed this to waning investor interest in the real estate sector ahead of the delisting of shares from its major peer, PIK Group. BCS World of Investments expects the US dollar to trade below 85 rubles on Tuesday, with the euro at 97-98 rubles and the yuan at 12.4-12.6 rubles. The brokerage projects the MOEX Index to trade within the 2,250-2,350 point range. Freedom Global expects the MOEX Index to fluctuate between 2,300 and 2,400 points on Tuesday. Its forecasted exchange rates for Tuesday are 83-85.5 rubles for the dollar, 96-98 rubles for the euro, and 12.4-12.8 rubles for the yuan. 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