Story
MOEX Russia Index Closes Flat, Masking Broader Market Weakness as Key Stocks Hit Multi-Year Lows
Summary
Russia's benchmark stock index finished the trading session unchanged, though underlying market data revealed significant weakness as falling stocks outnumbered advancers and several major companies fell to multi-year and all-time lows.
Russia's MOEX benchmark index closed flat at the end of the trading session, a figure that belies broader negative sentiment across the Moscow Stock Exchange. The index registered a 0.00% change, though its closing level marked a new three-year low, according to market data.
Market Internals Show Significant Pressure
Despite the flat performance of the main index, the market's internal dynamics pointed to considerable selling pressure. Falling stocks significantly outnumbered advancing ones on the Moscow Stock Exchange by a margin of 157 to 69, with 18 issues ending the day unchanged.
Several prominent companies were among the session's worst performers, hitting significant new lows:
- Polyus PJSC (MCX:PLZL) plunged 4.92%, falling to a 5-year low.
- AFK Sistema PJSC (MCX:AFKS) declined 1.84%, also hitting a 5-year low.
- Bank VTB PJSC (MCX:VTBR) dropped 0.96% to reach an all-time low.
Pockets of Strength and Elevated Volatility
AdA few companies bucked the negative trend. The day's top performers on the MOEX included Moskovskiy Kreditnyi Bank PAO (MCX:CBOM), which rose 2.35%, and oil company TATNEFT (MCX:TATN), which added 0.56%.
Investor uncertainty remained elevated, as reflected by the Russian Volatility Index (RVI). The index, which measures the implied volatility of MOEX options, was unchanged on the day at 46.01, a level that represents a new six-month high.
Currency and Commodity Markets
In the currency markets, the Russian ruble weakened against major currencies. The USD/RUB pair rose 1.10% to 77.00, while the EUR/RUB gained 0.95% to 87.88.
Commodity prices, a key driver for the Russian economy, were also lower. Brent crude, the global oil benchmark, fell 0.38% to $76.01 a barrel, while WTI crude dropped 0.93% to $71.41 a barrel. Gold futures for August delivery were also down, falling 0.65%.