Russian stocks finished the trading day in Moscow weaker on Monday, driven by declines across the Oil & Gas, Power and Mining sectors. The MOEX Russia Index closed down 4.53%, marking its lowest level in three years.
Among individual movers, PIK SHb PJSC (MCX:PIKK) was the session's top gainer on the index, rising 1.06% or 6.20 points to finish at 593.60. GDR ROS AGRO PLC ORD SHS (MCX:AGRODR) ended unchanged at 1,083.80, while Polyus PJSC (MCX:PLZL) retreated 1.08% or 21.80 points to 1,994.60 in late trade.
The most pronounced losses were concentrated in several names within the resource and technology sectors. AK ALROSA PJSC (MCX:ALRS) tumbled 8.89% or 2.16 points to close at 22.14. Magnitogorskiy Metallurgicheskiy Kombinat PAO (MCX:MAGN) fell 8.45% or 1.77 points to end at 19.17, and VK Company Ltd (MCX:VKCO) slipped 8.14% or 18.50 points to 208.70.
Market breadth was heavily negative on the Moscow Stock Exchange, with decliners outnumbering advancers by 242 to 7, while 2 issues were unchanged.
Several companies reached fresh lows during the session. AK ALROSA PJSC (MCX:ALRS) dropped to five-year lows, closing at 22.14 after the 8.89% fall. GDR ROS AGRO PLC ORD SHS (MCX:AGRODR) was unchanged at a 52-week low of 1,083.80. Magnitogorskiy Metallurgicheskiy Kombinat PAO (MCX:MAGN) also fell to five-year lows, and VK Company Ltd (MCX:VKCO) finished at an all-time low of 208.70 following the session's losses.
Volatility measures reflected the heightened market stress: the Russian Volatility Index - RVI, which tracks implied volatility for MOEX Russia Index options, increased 33.91% to 39.65, establishing a new six-month high.
In commodities, Gold Futures for August delivery moved lower, down 0.85% or 36.20 to trade at $4,209.70 a troy ounce. Crude oil for August delivery declined 2.32% or 1.76 to $74.09 per barrel, while the September Brent contract inched up 0.01% or 0.01 to $77.66 a barrel.
Foreign-exchange pairs involving the ruble were unchanged at the close: USD/RUB remained at 74.25 and EUR/RUB held at 84.79. The US Dollar Index Futures was up 0.15% at 100.77.
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Key points
- MOEX Russia Index fell 4.53%, closing at a three-year low as selling was led by Oil & Gas, Power and Mining names.
- Major individual losers included AK ALROSA (down 8.89%), MAGN (down 8.45%) and VKCO (down 8.14%), with several reaching multi-year or record lows.
- Market volatility rose sharply - the Russian Volatility Index climbed 33.91% to 39.65 - while commodities showed mixed moves, with gold and Brent diverging from benchmark crude.
Market sectors impacted - Oil & Gas, Power, Mining, Metals and Technology/Media (where VK Company Ltd trades).
Risks and uncertainties
- Elevated volatility: the RVI surged to a six-month high, signaling increased option-implied risk for the MOEX Russia Index.
- Company-specific downside: several large-cap issuers hit five-year or all-time lows, underlining continued downside risk within mining and metal producers and select tech/media names.
- Commodity price movements: declines in benchmark crude and a fall in gold futures may exert additional pressure on resource-sector earnings and valuations.