Shillong, July 30: Russia’s MOEX index, denominated in rubles, has surged to 3,008.61 points, reaching its highest level since February 22, 2023, just a day before Moscow’s military operation in Ukraine commenced, according to local media reports.
The index has seen a 0.7 percent increase on Friday and has witnessed a remarkable rise of around 40 percent since the start of 2023. This consistent growth in the stock market follows a collapse triggered by the announcement of partial mobilization in September 2022.
Analysts attributed the rally to several factors, including the depreciating ruble, soaring oil prices, and the dividend policy of Russian corporate entities. Experts from Russian business daily Kommersant predict that the MOEX index may reach 3,500 points by the end of the year, as reported by RT.
Major oil companies such as LUKOIL, Rosneft, Tatneft, Gazprom Neft, and Surgutneftegaz experienced substantial growth in their shares during the latest trading session. Among financial sector firms, Sberbank stocks recorded the strongest increase, rising by 0.6 percent.
Furthermore, Brent crude oil, a crucial global benchmark for Russia’s primary export, has risen by 1 percent, reaching $83.72 per barrel, which is close to a three-month high. This increase in oil prices has played a supporting role in boosting Russian stock indexes.