Russian Stocks Extend Slide as MOEX Closes at 2,541 After Rebound Fades

Overview

• Russia’s MOEX index fell 1.35% to 2,541.49 on Tuesday, while the dollar-denominated RTS slipped 0.25% to 1,001.3.
• Analysts cited a pause in progress on resolving the Ukraine crisis, a high key rate with prospects for slower cuts due to tax changes, and ruble strength as key drags.
• Rostelecom’s ordinary shares led gains at +1.9%, while developer PIK dropped 6.5% after suspending dividends and signaling possible share consolidation.
• The yuan eased to 11.08 rubles by Tuesday’s close, down from about 11.17 rubles on Monday.
• BCS sees the MOEX in a 2,520–2,650 range on Wednesday and Freedom Finance expects 2,500–2,600, with ruble forecasts near 79–82 per dollar and 11–11.4 per yuan.