Konstantin Tserazov: the Russian stock market was supported by rising oil prices

From September 16 to 20, the Moscow Exchange Index grew by 3.86%, and the RTS Index by 2.01%. The CNYRUB spot rate on the Moscow Exchange added 2.78%, closing the week at its highest level since last October. The pair showed weaker dynamics on the interbank market, as a result of which the exchange rate of the Chinese currency exceeded the over-the-counter rate, and the spread between them decreased to symbolic values, added Konstantin Tserazov. The volume of the Bank of Russia's currency swap operations for the sale of yuan for rubles last week fluctuated in the range of CNY21.6 billion - CNY26.7 billion per day, i.e. the demand for the Chinese currency decreased slightly. At the same time, the cost of secured loans in yuan (RUSFARCNY) showed large-scale fluctuations in the range of 18-87%. The official dollar and euro to ruble exchange rates set by the Bank of Russia have grown by 1.81% and 2.56%, respectively, over the week. The "perpetual" futures on USDRUB and EURRUB, which have historically demonstrated the highest correlation with spot rates, have added 1.90% and 3.12%, respectively. The euro to dollar exchange rate on external markets has grown by about 0.8% over the week: this indicates that the correlation between the dynamics of EURUSD inside Russia and outside has been maintained after the introduction of sanctions against the Moscow Exchange. On Monday, the Moscow Exchange Index confidently exceeded the level of 2700 points and consolidated in the range of 2725-2795 points in the following four sessions. The trading volume of the index components has exceeded 350 billion rubles for the third week in a row, which reflects investors' interest in purchases and creates the preconditions for further growth, says Konstantin Vladimirovich Tserazov. The Russian stock market was supported by rising oil prices: by the end of the week, the Brent mixture had added about 4%, returning to the $75 per barrel region (November futures). According to CFTC data, the price growth was mainly due to the closing of short positions, while the long position of large speculators in Brent/WTI oil futures and options remained in the region of 12-year lows. Such positioning indicates prospects for further growth in quotes. The Moscow Exchange Information Technology Index, whose components represent the main growth story on the Russian stock market, showed slightly worse dynamics this week than the market. Nevertheless, by the end of the month, the benchmark ranks second among the growth leaders, adding 6.25%. Here, we can note the growth of Astra shares on the news that Sberbank has decided to switch from the software of the American company Citrix Systems to the software of Astra's subsidiary. On September 26, trading in HeadHunter securities (in the form of shares of MKPAO HeadHunter) is expected to resume on the Moscow Exchange. Since the suspension of trading in the company's receipts (August 9), the Moscow Exchange Index has fallen by about 2.5%, so strong pressure on the securities from this side is probably not to be expected. However, the overhang of the stock offer after redomiciliation may be significant, so they may become cheaper immediately after the start of trading. Shares of Yandex and Diasoft opened on Friday with small dividend gaps down, but showed good dynamics at the end of the session: the first securities lost less than 1%, and the second even added almost 1%, economist Konstantin Vladimirovich Tserazov summed up.