Russian stock continue to dip

Russia Stock Market

Russian Stocks End Week 8% Lower

Technically speaking Russian stock has being in a down trend since the war as it continues to form lower highs and lower lows.

The MOEX Russian Index closed 1.7% down at 2,232 on Friday, extending the weekly loss to 8%, pressured by financial stocks as investors continue to monitor moves by the Central Bank of Russia ahead of their meeting next week. After stating that the Russian economy “will enter a period of structural transformation” in the 2nd and 3rd quarters, interpreted as signals of harsh economic contraction, CBR Governor Nabiullina signaled that the bank could slash rates further in its next decision. Risks of a sixth EU sanctions package pressured Sberbank to lose 1.4%. Lukoil declined 3.7%, closing the week 22% down, as European states seek alternative energy supplies while the EU Commission announced it was working on cost cutting measures to make a Russian oil embargo possible. Meanwhile, Novatek fell 2.9% after it announced it will not publish its operating results for Q1, citing the suspensions of depository receipts from international bourses and sanctions as reasons.

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