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MOEX Russia Index Hits Three-Year Low on Broad Sector Sell-Off
Russia's benchmark stock index closed sharply lower on Friday, with the MOEX Russia Index falling 2.13% to reach a new three-year low. The decline was driven by a broad-based sell-off, with the mining, oil and gas, and power sectors experiencing the most significant losses, according to data from the Moscow Stock Exchange.
Key Movers and Market Breadth
The session's worst performers included major resource companies. Gold miner Polyus PJSC (MCX:PLZL) was the biggest decliner, plummeting 10.79% to a five-year low. Other notable losses included:
- AK ALROSA PJSC (MCX:ALRS), which fell 3.23% to an all-time low.
- Federal Hydro Generating Company RusHydro PJSC (MCX:HYDR), which dropped 2.76% to a five-year low.
Market breadth was decidedly negative, with 175 stocks falling compared to just 65 advancing, while 10 remained unchanged. A few companies bucked the trend, including Severstal PJSC (MCX:CHMF), which rose 1.00%, and PIK SHb PJSC (MCX:PIKK), which added 0.72%.
AdVolatility Spikes, Ruble Weakens
Investor uncertainty was reflected in the Russian Volatility Index (RVI), which measures the implied volatility of MOEX options. The RVI climbed 1.05% to 46.01, marking a new six-month high and signaling heightened market anxiety.
The Russian ruble also weakened against major currencies. The USD/RUB pair rose 1.52% to 77.31, while the EUR/RUB gained 0.96% to 87.87. The downturn in Russian equities occurred alongside modest declines in commodity markets, with both Brent and WTI crude oil futures trading lower, and gold futures also posting a loss.