Russian Stocks Decline as MOEX Index Hits 3-Year Low

Russian equities finished lower at the close of Saturday's trading session, with the benchmark MOEX Russia Index hitting a new three-year low. The decline was broad-based, reflecting widespread selling pressure across the Moscow Stock Exchange.

Session in Review

Market data indicated significant downward momentum, with falling stocks outnumbering advancing ones by a margin of 157 to 69, while 18 remained unchanged. While one data point from the session suggested the MOEX index was unchanged at 0.00%, its fall to a three-year low, coupled with the negative market breadth, points to a definitive risk-off sentiment among investors, according to figures from Investing.com.

Investor uncertainty appeared to be on the rise, as the Russian Volatility Index (RVI), which measures the implied volatility of MOEX options, climbed to a new six-month high of 46.01.

Key Stock Movers

Several blue-chip companies experienced sharp declines, leading the market lower:

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• Polyus PJSC (PLZL) was among the worst performers, falling 4.92% to reach a five-year low.
• AFK Sistema PJSC (AFKS) declined 1.84%, also hitting a five-year low.
• Bank VTB PJSC (VTBR) dropped 0.96% to an all-time low.

Bucking the trend were a few notable gainers, including Moskovskiy Kreditnyi Bank PAO (CBOM), which rose 2.35%. Oil company TATNEFT (TATN) also saw modest gains of 0.56%.

Currency and Commodity Markets

The Russian ruble weakened during the session. The USD/RUB pair rose 1.10% to 77.00, while the EUR/RUB pair gained 0.95% to 87.88.

In commodities, prices for key resources also fell. Gold futures for August delivery were down 0.65%, while Crude oil for August delivery slipped 0.93% to $71.41 a barrel. The Brent oil contract for September delivery also traded lower by 0.38%.