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Russian stock market hits another all-time high amid further ruble growth

Russian stock market hits another all-time high amid further ruble growth
The Ruble-traded MOEX stock index is enjoying a bumper week as it reaches all-time highs on an almost-daily basis.The growth is linked to the strengthening Russian currency despite a threat of new US sanctions and high oil prices.

The MOEX index surged to 2,423 points on Thursday as the ruble rose to 66.3 against the dollar and 77.7 against the euro. The dollar-denominated RTS index is also on the rise, growing to 1,351 points.

“The Russian stock market has every chance of further growth due to the stability of oil prices and the strengthening ruble. Most investors pay attention to oil prices and the stability of this sector,” Gaidar Gasanov, expert at the International Financial Center, said.

The MOEX index includes shares from the 50 largest Russian companies, including Sberbank, Gazprom, Rosneft, UC Rusal, Novatek, and other companies. The growth of the index was preceded by a noticeable rise in the price of shares of Russian energy companies and leading bank Sberbank.

The share of oil and gas sector securities in the MOEX index exceeds 50 percent, and the weight of Sberbank shares is more than 12 percent, which has resulted in the index rallying this week.

“From a technical point of view, the dollar/ruble pair has the potential to continue to decline. At the same time, there is a risk of profit taking by the end of the trading week after such an aggressive recovery,” said Igor Kovalev, analyst at InstaForex.

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