The MOEX Russia Index closed 1.5% higher at 2,430 on Friday, halting a three-session decline after the Moscow Exchange updated the list of shares that foreign investors are prohibited from selling upon their return to the Russian equity market on Monday. Previously, the long-awaited return for investors from “friendly” countries was expected to bring selling pressure to stocks, as many were locked out of the market when equity trading was suspended on February 24. The shares that are prohibited from selling include blue chips such as Gazprom, Rosneft, VTB, and 50 other companies. Meanwhile, investors monitored the EU’s meeting to control electricity price surges, as prior indications that the EU could cap prices on Russian gas prompted President Putin to state Russia will halt exports of all energy commodities to Europe. Investors also treaded carefully ahead of GDP and inflation releases following the closing bell. On the week, the MOEX fell 1.4%.
Historically, the MOEX Russia Index reached an all time high of 4292.68 in October of 2021. MOEX Russia Index - data, forecasts, historical chart - was last updated on September of 2022.
The MOEX Russia Index is expected to trade at 2237.90 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 1661.56 in 12 months time.