MOSCOW, October 30. /TASS/. By the close of the main trading session on Friday, the MOEX Index rose 0.83% to 2,513.04 points, while the dollar-denominated RTS Index climbed 0.98% to 982.73 points. The yuan exchange rate fell by 12.9 kopecks to 12.07 rubles.
"The past week and the month of October as a whole can be considered positive for the Russian stock market. The MOEX Index has gained more than 10% over the month and is currently striving to consolidate above 2,500 points. On Friday, oil prices trended upward, and details are gradually emerging regarding the upcoming peace talks in Abu Dhabi," Andrey Smirnov, a stock market expert at BCS World of Investments, noted.
Stock market dynamics
Leading the gains were shares of VK (+10.12%), Sistema (+3.6%), preferred shares of Nizhnekamskneftekhim (+3.32%), Kazanorgsintez (+3.23%), and RusHydro (+2.58%), Finam financial group analyst Kristina Gudym reported.
According to Vladimir Chernov, an analyst at Freedom Global, the rise in VK shares was likely driven by the release of its nine-month financial results.
The biggest decliners were VTB (-2.15%), Russneft (-0.8%), Acron (-0.72%), NovaBev Group (-0.51%), and Sollers (-0.51%), the analyst added.
According to Chernov, VTB shares fell despite an 82.3% increase in quarterly profit. Investors were likely disappointed by management’s statements suggesting that the bank will allocate only about 25% of its net profit toward dividends in the coming years, rather than the expected 50%.
November 2 forecast
BCS World of Investments notes that if geopolitical optimism persists and oil prices remain high, the MOEX Index has potential to advance toward 2,550-2,560 points. Immediate support lies at 2,480 points, with the next level near 2,420 points. Next week, exchange rates may trend toward the upper ends of their ranges: 80-82 rubles per dollar and 12-12.25 rubles per yuan.
Vladimir Chernov of Freedom Global believes that in the next trading session, the MOEX Index could move within a range of 2,490-2,560 points.
