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Russian stock market opens March 24 2022 first time since start of war

bigdog

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The ruble-based MOEX Russia Index erased early gains and closed 0.5% down at 2,130 on Wednesday, extending its losing streak to three sessions as investors digested a batch of macroeconomic data and fresh sanctions from the US.

Miners and metallurgists closed sharply in the red after the US included steel producing giant MMK and its chairman into its list of fresh sanctions, pressuring shares to plunge nearly 10%.

Rusal, Severstal, and Polyus tracked the lower confidence in the sector and declined more than 3%.

On the other hand, the financial sector closed slightly higher, carried by a 1.5% jump for TCS Group.

On the data front, PMI reports showed that activity in the Russian services sector expanded for the second consecutive period and at its fastest pace in 13 months.

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The ruble-based MOEX Russia index erased earlier gains to close at 2,117 on Thursday, extending its losing streak to four sessions amid pressure from the utilities and energy sectors.

Rosseti and Inter RAO both lost over 4% to lead the losses among the power grid operators in Moscow.

Also, Gazprom shares closed over 1% down after it stated that sanctions from Canada, the EU, and the UK make it impossible for the Siemens turbine to be returned to the Nord Stream I pipeline, citing the measures as the reason for capacity cuts in flows to Germany.

Also, metallurgists dropped sharply after the Ministry of Industry and Trade said it expects a decrease in demand for steel.

On the other hand, tech stocks outperformed the broader index following Kommersant's report that the government allocated RUB 130 billion for loans to Yandex, VK, and Ozon to help them fulfill Eurobond obligations.

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The ruble-based MOEX Russia Index plunged on later trading and closed 2.8% down at 2,057 on Friday, the second lowest close since 2017 after the Moscow Exchange announced that foreign investors from “friendly” countries will be allowed to buy and sell Russian equities starting next week.

The measures are expected to increase volatility as foreign investors have been unable to sell Russian equity since authorities banned them from markets after Russia’s invasion of Ukraine.

Tech stocks took the biggest losses, with Yandex and Softline shares plummeting 8.2% and 6.9%, respectively. Retailers were also sharply in the red, led by a 7.5% decline for O’Key.

In the meantime, Gazprom stocks trailed 4.5% as investors continue to monitor the increasingly low likelihood that capacity at the Nord Stream I pipeline will return to normal levels.

12 Month Chart MOEX

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The ruble-based MOEX Russia index closed 1.7% higher at 2,090 on Monday, as the Moscow Exchange postponed the opening of the equity market to foreign investors from “friendly” countries.

Gains in Moscow were spread among all sectors, with oil giants Lukoil and Rosneft both adding more than 1%, while blue chips in the financial sector were led by a 1.7% rise for Sberbank.

On the other hand, Rusagro dropped 0.7% after the publication of its Q2 financial results.

The announcement of allowing some foreign investors to resume trading of Russian equities triggered a sell-off with Friday's session marking the second-lowest close since 2017.

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The MOEX Russia index erased early losses to surge 2.3% and close at 2,135 on Tuesday, spurred by the rebound in crude prices as investors continued to monitor and speculate on the re-entry of some foreign investors to the equity market.

The central bank announced measures to allow some foreign investors from “friendly” countries to participate in the derivatives market if its sole reason is to benefit Russian individuals and institutions, but kept equities off-limits.

Energy stocks were the top gainers, sharply outperforming the broader index with a near 8% gain for Tatneft after authorities shut off oil flows to Europe via the Druzhba pipeline.

Expectations last week that some foreign investors would be able to access the Russian equity market led to a sharp sell-off that saw the MOEX close near 2017-lows, driving authorities to delay the re-opening.

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The ruble-based MOEX Russia Index erased early losses and closed 0.7% higher at 2,150 on Wednesday, notching its third session in the green with support from energy and tech stocks as investors awaited domestic inflation figures to be released shortly after the closing bell.

Tatneft shares jumped over 3% and led the oil sector higher as flows to Central Europe via the Druzhba pipeline resumed after Hungarian MOL settled the transit fees.

Support for the company was also due to the announcement that its board of directors will meet to decide on dividends next week.

On the other hand steel producing giants Severstal, NLMK, and Mechel were all down over 1%.

The MOEX rose nearly 100 points since Friday’s plunge, brought by the since postponed announcement that foreign investors would be allowed in the Russia equity market again.

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The ruble-based MOEX Russia Index erased earlier gains and closed nearly 1% down at 2,130, halting three consecutive sessions in the green brought down by energy and tech shares.

Energy shares booked the sharpest losses of the session, led by a 2.6% Gazprom decline while Transneft erased yesterday’s gain as investors continued to monitor oil flows through the Druzhba pipeline after Hungary’s MOL settled the transit bill.

Also, the looser monetary policy failed to support the tech sector, with Yandex nearly dropping 3%.

In the meantime, fresh CPI figures showed the inflation rate decelerated to 15.3%, the lowest since entering double-digit territory in March.

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The ruble-based MOEX Russia index gained 0.7% to close at 2,150 on Friday, notching a 4.7% percent weekly gain after the Moscow Exchange postponed the decision to authorize foreign traders to return to the equity market.

Investors also awaited the release of GDP figures for the second quarter, set to highlight the impact of Western sanctions on the Russian economy since its invasion of Ukraine.

The financial sector closed sharply in the green, led by a near 4% jump for TCS Group and a 1% advance for Sberbank.

The energy sector was also among the largest gainers in the session, led by a 2% upturn for Tatneft. Transneft shares also rose, extending the positive momentum since oil flows in the Druzhba pipeline to Central Europe restarted.

Previous expectations that investors from foreign countries would be allowed to sell their positions for the first time since February 24th spurred a sell-off that lowered the index into its second lowest close since 2017 last week.

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12 Month MOEX Chart
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bigdog

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The ruble-based MOEX Russia index closed 0.8% higher at 2,165 on Monday, the highest in two weeks as investors continued to examine market developments for major Russian commodity exports and digested fresh GDP figures from after Friday’s market close.

The Russian economy contracted 4% year-on-year in the second quarter but beat the Central Bank of Russia’s expectations of a 4.3% decline.

Still, the central bank expects the effects of Western sanctions to hit harder on the third quarter, as the economy is seen contracting 7%. Miners and metallurgists erased early losses and were among the leaders of the session, with Rusal and MMK adding 5.5% and 3.6%, respectively.

On the other hand, heavyweight energy stocks largely underperformed the broader index, as poor industrial activity data from major importer China weighed on demand expectations.

Lukoil and Transneft both closed below the flatline, while Tatneft shares fell 2.3% ahead of its board’s decision on dividend payments.

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