MOEX Russia falls 2.28% to 2,455.62 as oil prices slide
Published on 11/02/2026 at 22:45 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSMOEX Russia closes lower
- The MOEX Russia Index fell 2.28% to 2,455.62 points in the main trading session on November 2, 2026.
- Falling oil prices and profit-taking weighed on the market, while a weaker ruble cushioned losses in exporters.
- VK was among the strongest gainers, while PhosAgro, Rusal, Tatneft and Inter RAO declined.
- Analysts see room for further correction toward 2,420 points in the next session if pressure persists.
The MOEX Russia Index closed the main trading session on Monday, November 2, 2026, at 2,455.62 points, down 2.28% from the previous close, according to TASS. The result reversed the market's early advance and placed the benchmark back in the middle of the 2,400-2,500-point range.
Oil weakness drives profit-taking
Andrey Smirnov of BCS World of Investments told TASS that falling oil prices prompted profit-taking. The decline in exporters' shares was partly cushioned by a weaker ruble, which can support the domestic-currency earnings profile of companies with significant foreign-currency revenues. This combination left the broader index lower despite gains in selected large-cap stocks.
The move also came against a backdrop of continued uncertainty over the timing of peace negotiations involving Russia and Ukraine. TASS reported that market participants were weighing the geopolitical outlook alongside commodity prices, rather than responding to a single company-specific catalyst.
Gainers and decliners diverge
VK was the strongest of the stocks highlighted by TASS, rising 28.62%. Seligdar gained 5.99%, Rostelecom's common shares advanced 4.88% and its preferred shares rose 4.16%, while M.Video added 3.71%.
Losses were led by PhosAgro, down 5.15%, followed by Rusal at 4.63% lower. Tatneft's preferred and common shares fell 4.38% and 4.28%, respectively, while Inter RAO declined 3.86%. TASS also reported that Rusal's weakness may have been linked to the company's weak Russian Accounting Standards results for the first nine months of 2026. Its net profit fell from 193 billion rubles to 635.7 million rubles, while sales moved to a loss of 2.45 billion rubles from a profit of 161.4 billion rubles a year earlier.
Correction risk remains
BCS World of Investments said the move below 2,480 points leaves room for a further correction toward 2,420 points. Freedom Global analyst Vladimir Chernov expected the index to trade in a 2,420-2,490-point range in the next session and said continued oil-price weakness could bring the benchmark closer to 2,400 points. These are market assessments, not a forecast certainty.
For further coverage of the index, see the MOEX Russia topic page.
