Russian stocks reopen after record-long shutdown
The Moscow Exchange reopens at 9:50 am on March 24 (local time). However, only 33 stocks were traded, including some large companies such as Gazprom and Sberbank.
The Russian stock market has partially reopened after the longest shutdown in the country’s modern history.
Short selling of shares will be prohibited. In addition, foreign investors cannot sell Russian stocks or bonds (OFZ) until April 1.
After only 20 minutes of trading, the MOEX Russia index has increased by more than 10%. Rosneft and Lukoil shares are up 20% and 16% respectively, Rusal is up more than 14% and Norilsk Nickel is up more than 22%.
Shares of Russian airline Aeroflot fell more than 20% in early trading but rebounded shortly after and continued to trade about 6% lower.
The Russian stock exchange has been closed since February 25 to limit the impact of US and Western economic sanctions. Moscow has ordered major wealth management funds to spend billions of dollars buying shares after the stock market reopens.
According to a policy the Bank of Russia issued on February 28, the country’s stockbrokers cannot let foreign customers sell shares. Accordingly, foreigners cannot sell off Russian stocks when the market is open.
at Blogtuan.info – Source: vtc.vn – Read the original article here
