Russian stocks close in the red on Wednesday

Russian stocks close in the red on Wednesday The yuan exchange rate against the ruble added 5 kopecks to 12.3 rublesMOSCOW, August 12. /TASS/. Russia’s stock market closed in the red on Wednesday as the ruble-denominated MOEX Index lost 0.96% to 2,301.43 points, while the dollar-denominated RTS Index fell by 1.71% to 873.52 points. The yuan exchange rate against the ruble added 5 kopecks to 12.3 rubles. "The MOEX Index hit a one-month high this morning, rising above 2,330 points, before undergoing a correction. Market drivers have not improved: the rise in oil prices has stalled, as has the ruble’s depreciation. Geopolitical optimism is gradually fading," said Andrey Smirnov, stock market analyst at BCS World of Investment. BCS World of Investment believes that the battle for the 2,300-point level on the MOEX Index will continue on Thursday, while the 2,250-2,260 point range could serve as intermediate support should a downward correction unfold. The short-term forecast for the ruble exchange rate is 81-83 rubles per dollar, 94-96 rubles per euro, and 12.1-12.4 rubles per yuan. According to Freedom Global, the MOEX Index will move within the 2,290-2,350 point range on Thursday. Forecasts for the dollar, euro, and yuan exchange rates are 81-83 rubles, 94-96 rubles, and 12-12.5 rubles, respectively. Tsifra Broker noted that the MOEX Index has fallen back below its 50-day moving average, which continues to act as a resistance level. The market may consolidate in this area for some time while awaiting the momentum needed for a further recovery toward the 2,350-point mark. In the currency market, the ruble may continue to weaken gradually, moving toward the upper limits of the 12-12.5 rubles per yuan, 81-84 rubles per US dollar, and 93-97 rubles per euro ranges. 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