Russia reopens stock market after longest holiday in history

Although there are still restrictions on trading, the indexes on the Moscow exchange in the first session showed signs of recovery.

In the first trading session after the longest holiday in modern Russia’s history, the MOEX (Moscow Exchange) index at one point rose as much as 10%. Shares of oil companies Rosneft and Lukoil accelerated, 20% and 16%, respectively.

The Central Bank of Russia said that there will be some restrictions in the process of reopening the stock exchange, in which stocks of large companies such as Sberbank or Gazprom Oil and Gas will limit trading and operating hours. Short selling of stocks has also been suspended. Foreign investors are not allowed to trade again, because Russia currently prohibits foreigners from selling shares of Russian companies until the end of April 1.

Earlier, Russia announced that asset management funds would intervene and support with capital up to 10 billion USD when the stock market reopens. Russian President Vladimir Putin announced on March 23 that he only accepts payments for gas in rubles to “unfriendly” countries. This unexpected decision helped the Russian ruble appreciate.

In the past month, since launching a military campaign in Ukraine, Russia has suffered many sanctions from the West, causing the ruble to fall and economic growth is expected to plummet. In the current situation, when the Russian financial system is facing the worst crisis in history, the return of the Russian stock exchange is showing steps to normalize the market.

* Invite readers to watch the programs broadcast by Vietnam Television on TV Online and VTVGo!