Russian stocks declined sharply in their second day of trading after a nearly month-long suspension, with losses led by airline Aeroflot (AFLT).
Moscow’s benchmark MOEX stock index was down 2.9% at 2,506.2 points in trading today (March 25). The index closed up 4.4% a day earlier.
Prior to March 24, stocks had not traded on Moscow's main index since February 25, the day after Russia invaded Ukraine, prompting Western sanctions aimed at isolating Russia economically.
Restrictions have been put in place on trading by foreigners alongside a ban on short selling on the MOEX.
Commodity stocks had led the initial rebound in Russian stocks with double-digit growth, but almost all securities lost ground in trading today.
The biggest loser was airline Aeroflot (AFLT), which dropped 13%, adding to the previous day’s 16% loss. State banks Sberbank (SBER) and VTB (VTBR) fell 3.5% and 7.7% respectively. Oil major Lukoil (LKOH) lost 3.5%.
The response to events in Ukraine has ripped Russian financial markets from global networks and sent the rouble tumbling. The Russian currency fell 0.2% against the U.S. dollar in Moscow trading.
