Russian shares slump as all trading resumes

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Moscow:  Russian shares have slumped as its stock market resumed trading of all companies after a month-long halt following the invasion of Ukraine.

The benchmark MOEX index slid 2.2 per cent on Monday after the Moscow Exchange reopened for all of its several hundred listed companies, but with restrictions still in place to limit volatility.

The last full trading session in Moscow was on February 25, a day after the index tumbled by a third when President Vladimir Putin ordered the invasion of Ukraine.

Prices whipsawed last week when the exchange tentatively reopened for two days of limited trading, with investors allowed to trade only 33 of the MOEX index’s 50 companies.

Some restrictions remained in place on Monday to prevent another big sell-off.

The daily session is shortened to four hours and there is a ban on short-selling, which essentially involves betting on stock prices to go down. Foreigners also are unable to sell shares until Friday.

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