MOEX Russia Index Closes Flat as Decliners Outweigh Gainers

The MOEX Russia Index finished the trading session unchanged, a flat performance that concealed a broader market decline as falling stocks significantly outpaced risers. The market saw divergent performance across sectors, with pressure from major decliners in materials and technology offset by gains in select energy and financial names.

Market Internals Reveal Weakness

Market breadth was decidedly negative on the Moscow Stock Exchange, with data showing 157 stocks falling compared to just 69 advancing issues, while 18 ended unchanged. This indicates underlying bearish sentiment despite the headline index's stability.

The session's worst performers included several major companies hitting significant lows, according to exchange data.

• Gold producer Polyus (MCX:PLZL) was the top decliner, falling 4.92% to a reported 5-year low.
• Conglomerate AFK Sistema (MCX:AFKS) dropped 1.84%, also reaching a 5-year low.
• Bank VTB (MCX:VTBR) shed 0.96% to hit what was reported as an all-time low.

Pockets of Strength in Energy and Banking

Despite the widespread losses, gains in a few key components prevented the headline index from falling into negative territory. This divergence highlights a selective market where investors favored specific names over broad sectors.

Ad

The top performers helping to support the index included:

• Moskovskiy Kreditnyi Bank (MCX:CBOM), which rose 2.35%.
• Oil and gas company Tatneft (MCX:TATN), which added 0.56%.
• Tatneft's preferred shares (MCX:TATN_p) also gained 0.45%.

Broader Market Context

The mixed equity performance occurred alongside negative signals from commodity and currency markets, which can influence investor sentiment toward the Russian economy. Crude oil prices fell, with the August WTI contract down 0.93% to $71.41 a barrel and the September Brent contract declining 0.38% to $76.01 a barrel. Gold futures also traded lower.

The Russian ruble weakened against major currencies, with the USD/RUB pair rising 1.10% to 77.00 and the EUR/RUB pair climbing 0.95% to 87.88. Meanwhile, the Russian Volatility Index (RVI) was unchanged at 46.01, a level representing a six-month high and suggesting that investor uncertainty remains elevated.