September 28, 2022

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Moscow stock market crash - down 50 percent in 90 minutes - E24

Moscow stock market crash – down 50 percent in 90 minutes – E24

The Moscow Stock Exchange is in free fall, down 50 percent Thursday morning, after Russia’s invasion of Ukraine. $180 billion of market value has evaporated.

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Russia’s main index RTS collapsed overall on Thursday, down 50 percent.

The Russian stock market has been battered in recent days, and is now down more than 57 percent in the last month. The other central index on the Moscow Stock Exchange – MOEX – recorded its worst day ever, according to Bloomberg.

$180 billion slashed from market capitalization in 90 minutes.

The Russian main index all collapsed on Thursday.

The Oslo Stock Exchange is also not completely out of the war, down about 1% at 09.45. European stocks were also hit, and all major indices fell.

The price of oil jumped, rising 5.4 percent – to $102.7. Gas prices also rose by more than 40 percent.

The downfall comes after Russia invaded Ukraine overnight, and Western countries announced severe sanctions.

Among the biggest declines were Russia’s state-owned gas company Gazprom and state-owned Russian oil company Rosneft.

Makes support purchases

The Russian ruble has been defeated in the past 24 hours, weakening by more than 8 percent in three hours, and the Russian “fear index” has risen by more than 37 percent.

On Thursday, the Russian Central Bank announced several measures to counter the crisis to stabilize the market, according to Bloomberg.

This includes intervention in the foreign exchange market in the face of a sharp depreciation of the ruble, which according to the news agency reached record low levels against the dollar.

However, the central bank did not indicate that raising interest rates is important, but stated that it will provide additional liquidity to banks. It involves the presentation of a total package of 1,000 billion rubles.

The Russian invasion shakes the markets

Russian forces crossed the border into Ukraine overnight from several sides.

Ukrainian Foreign Minister Dmytro Kuleba described the attack as a “large-scale invasion of Ukraine”.

The world can and must stop Putin. He said it was time to act now.

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