AP

Russian stocks slide as trading resumes for all companies

Mar 27, 2022, 5:10 PM | Updated: Mar 28, 2022, 5:11 am

FILE - People walk past a currency exchange office screen displaying the exchange rates of U.S. Dol...

FILE - People walk past a currency exchange office screen displaying the exchange rates of U.S. Dollar and Euro to Russian Rubles in Moscow's downtown, Russia, on Feb. 28, 2022. Russia plans to reopen its stock market for limited trading on Thursday, march 24, 2022, nearly one month after shares plunged and the exchange was shut down following the invasion of Ukraine.(AP Photo/File)

(AP Photo/File)

LONDON (AP) — Russian shares slumped as its stock market resumed trading of all companies Monday after a monthlong halt following the invasion of Ukraine.

The benchmark MOEX index slid 2.2% after the Moscow Exchange reopened for all of its several hundred listed companies, but with restrictions still in place to limit volatility. State-owned energy giant Gazprom fell 3.7%, while airline Aeroflot was up 3%.

The last full trading session in Moscow was on Feb. 25, a day after the index tumbled by a third after 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 Monday to prevent another big selloff, including the daily session shortened to four hours and a ban on short-selling, which essentially involves betting on stock prices to go down.

Foreigners also are unable to sell shares until Friday — a restriction Russia put in place to counter Western sanctions against its financial system and the ruble, which has been sharply devalued.

Foreign investors are scrambling to figure out how to cut their Russian holdings in light of the sanctions. Investment analytics company MSCI removed the country from its emerging markets indexes, which are widely followed by fund managers, and dubbed the country’s stock market “uninvestable.”

Moscow’s stock exchange is tiny compared with other major ones like the New York Stock Exchange.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

Image: Members of the Makah Indian tribe paddle away from the rising sun as they head from Neah Bay...

Associated Press

Washington’s Makah Tribe clears major hurdle toward resuming traditional whale hunts

The U.S. granted the Makah Indian Tribe a long-sought waiver that helps clear the way for its first sanctioned whale hunts since 1999.

1 day ago

jerry west...

Tim Reynolds, The Associated Press

Jerry West, a 3-time Hall of Fame selection and the NBA logo, dies at 86

Jerry West, a three-time Basketball Hall of Fame inductee whose silhouette is considered to be the basis of the NBA logo, died Wednesday morning.

2 days ago

Photo: Construction vehicles are parked outside of the Station U & O building on Tuesday, June 11, ...

Haleluya Hadero, The Associated Press

Amazon adds $1.4B to affordable housing fund for regions where it has corporate offices

Amazon is adding $1.4B to a fund for building more affordable housing in regions where the company has major corporate offices.

3 days ago

hunter biden...

Randall Chase and the Associated Press

Hunter Biden convicted of all 3 felony charges in federal gun trial

Hunter Biden has been convicted of all three felony charges related to the purchase of a revolver in 2018, but no sentencing date was set.

3 days ago

Photo: A Bremerton man who made 20 "swatting" calls around the U.S. and in Canada, prompting real e...

Associated Press

Bremerton man sentenced for 20 ‘swatting’ calls of false threats in US, Canada

A Bremerton man who made 20 "swatting" calls around the U.S. and in Canada, prompting real emergency responses, has been sentenced.

4 days ago

Image: U.S. Secretary of Defense Lloyd Austin, left, speaks with Ukraine's President Volodymyr Zele...

Associated Press

Ukraine uses US weapons to strike inside Russia, a Western official tells AP

Ukraine has used U.S weapons to strike inside Russia in recent days, according to a Western official familiar with the matter told the AP.

9 days ago

Russian stocks slide as trading resumes for all companies