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MOEX Russia Index Finishes Flat Amid Broad Declines and Multi-Year Lows for Key Stocks
Russia's benchmark MOEX Index closed unchanged at the end of the recent trading session, a figure that belies a broader negative sentiment across the market. The index also touched a new 3-year low, while declining stocks significantly outnumbered advancers, according to data from Investing.com.
Market Internals Reveal Weakness
The session's market breadth was decidedly negative, with 157 stocks falling compared to only 69 advancing issues on the Moscow Stock Exchange. Eighteen stocks finished the session unchanged.
Several major companies were among the session's worst performers, hitting significant milestones:
- 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.
In contrast, the day's top gainers included Moskovskiy Kreditnyi Bank PAO (MCX:CBOM), which rose 2.35%, and shares of TATNEFT (MCX:TATN), which added 0.56%.
AdVolatility Rises as Ruble and Commodities Weaken
Investor uncertainty was reflected in the Russian Volatility Index (RVI), which measures the implied volatility of MOEX options. While the index was unchanged on the day, it remained at a new 6-month high of 46.01, suggesting heightened investor anxiety.
The negative equity performance coincided with weakness in commodities and the Russian ruble. Crude oil prices fell, with the August WTI contract down 0.93% to $71.41 a barrel and the September Brent contract losing 0.38% to $76.01. Gold futures for August delivery also declined 0.65%.
In currency markets, the ruble weakened against major currencies. The USD/RUB pair rose 1.10% to 77.00, while the EUR/RUB pair gained 0.95% to 87.88.