Russia Starts 2021 With A Bang As Moscow Stock Exchange Reaches Record High
The Moscow Stock Exchange (MOEX) index reached a new all-time high yesterday, as Russia’s national currency, the ruble, opened the first trading day of 2021 with an upward move, triggered by rising oil prices.
The ruble was 0.7 percent stronger against the dollar at 73.82, and gained 1.1 percent to trade at 90.50 against the euro.
The MOEX Russian index advanced 1.09 percent to 3,324 points, marking a record high. MOEX is the main ruble-denominated index of the Russian stock market, comprised the shares from more than 40 major Russian companies, including Sberbank, Gazprom, Rosneft, Novatek and other top corporations.
The dollar-denominated RTS index rose by 2.35 percent to 1,420 points.
Russian stocks have long been undervalued and a correction has long been overdue.
Russia Briefing is written by Dezan Shira & Associates. The firm has 28 offices throughout Eurasia, including China, Russia, India, and the ASEAN nations, assisting foreign investors into the Eurasian region. Please contact Maria Kotova at firstname.lastname@example.org for Russian investment advisory or assistance with market intelligence, legal, tax and compliance issues throughout Asia.