The Moscow Exchange index on Tuesday, December 14, reached its lowest value since the end of February, continuing the drop that had been outlined the day before, according to trading data.
20 minutes after the opening of the premarket, the index fell by more than 6.5%, to 3352.53 points, but by 11:49 Moscow time it completely won back the fall and rose to 3611.92 points (-0.19% to the close of the previous session). The dollar-denominated RTS index sank to 1514.57 points at a minimum, but then corrected to the level of the previous close – 1548.80.
A day earlier, on December 13, the Moscow Exchange index plunged 3.77% and reached below 3700 points for the first time since July 20.
Interfax, citing analysts from Interfax-CEA, reports that the decline in Russian shares at the beginning of trading on Tuesday is due, among other things, to low market liquidity, given the earlier start of trading on the Moscow Exchange (from 7:00 Moscow time). At this time, many large market participants are not yet actively trading. The forced closure of the positions of a number of market participants in connection with the onset of “margin calls” could also play a negative role.
Oil prices also dropped yesterday. At the close on December 13, the cost of February futures for Brent oil on the London ICE Futures exchange was $ 74.39 per barrel (-1.02%). On Tuesday morning the oil price dropped to $ 73.84 per barrel, but by 11:52 Moscow time it was growing to $ 74.95 per barrel (+ 0.75%).
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