Moscow Exchange Index Fell 4% at the Opening of Trading
Governments around the world have stepped up restrictive measures to halt the global spread of coronavirus. The decline in economic activity lowered the demand for raw materials. As a result, oil futures quotes fall for the fourth consecutive week. Since the beginning of the year, the price of Brent oil has fallen by more than 60%.
The leaders of the decline at the start of trading were shares of Bashneft (-9.9%), Aeroflot (-6%), Rosneft (-5%) and Tatneft (-5%). TCS Group shares fell 6.5%. Polymetal securities (+2%) and preferred shares of Surgutneftegaz (+1%) increased. The largest decline in prices during the day can be observed in the shares of oil companies, primarily in Rosneft, whose papers soared over the past two days by 20%, the analyst said.