The Moscow Exchange Index plunged to its lowest level since October 2022 because of a massive stock sell-off ...

The Moscow Exchange Index plunged to its lowest level since October 2022 because of a massive stock sell-off

The Moscow Exchange Index fell 4.24%, to 2022.27 points, by the end of the main trading session on July 16. This was the sharpest one-day drop since September 26, 2022, RBC writes. Several stocks in the index are trading at historic lows.

The plunge continued in the evening session. The IMOEX2 index was down 4.72% at 20:07 Moscow time, to 2005.1 points. That is the lowest level since October 2022.

It is reported that “the absence of positive changes on the geopolitical track, concerns about the economy, and a revision of expectations for the key interest rate’s trajectory are contributing to selling in Russian equities.”

🔵The biggest impact on the fall of the Moscow Exchange Index is coming from declines in the share prices of крупнейших российских корпораций such as Sberbank, Lukoil, and Gazprom.

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