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MOEX Russia Index Tumbles 2.13% to Three-Year Low on Mining, Energy Weakness
Russia's benchmark stock index fell sharply on Friday, closing at a new three-year low as heavy losses in the mining and energy sectors weighed on investor sentiment. The MOEX Russia Index declined by 2.13% by the end of the trading session in Moscow.
Broad-Based Sell-Off
The decline was widespread, with losses concentrated in the crucial Mining, Oil & Gas, and Power industries, according to closing data from the Moscow Stock Exchange. Market breadth was decidedly negative, as falling stocks outnumbered advancing ones by a margin of 175 to 65, while 10 issues ended the day unchanged.
Sector and Stock Movers
Among the session's worst performers was gold producer Polyus PJSC (PLZL), which saw its shares plummet 10.79% to a five-year low. Diamond miner AK ALROSA PJSC (ALRS) also hit an all-time low, declining 3.23%, while utility Federal Hydro Generating Company RusHydro (HYDR) dropped 2.76% to a five-year low.
AdA few companies bucked the negative trend in a day of broad losses. Steel and mining firm Severstal PJSC (CHMF) was a notable gainer, rising 1.00%, while real estate developer PIK Group (PIKK) added 0.72%.
Market Indicators and Currencies
Investor uncertainty appeared to be on the rise, as reflected by the Russian Volatility Index (RVI). The RVI, which measures the implied volatility of MOEX options, climbed 1.05% to a new six-month high of 46.01.
In related markets, the Russian ruble weakened against major currencies, with the USD/RUB pair rising 1.52% to 77.31. Commodity prices also saw downward pressure, with Brent crude for September delivery falling 0.38% to trade at $76.01 a barrel.