MOEX Index down below 2,600 points first since April 9

MOSCOW, October 3. /TASS/. The MOEX Index with additional IMOEX2 ticker extended losses during the evening trading session and dropped below 2,600 points for the first time since April 9, 2025, according to trading data.

As of 7:08 p.m. Moscow time (4:08 p.m. GMT), the MOEX Index was down by 1.23% at 2,599.79 points. By 7:23 p.m. Moscow time (4:23 p.m. GMT), the MOEX Index had extended losses to 1.38% as it traded at 2,595.65 points.

By the end of the main trading session the MOEX Index fell by 1.05% reaching 2,604.55 points, while the dollar-denominated RTS Index lost 2.12% to 1,101.86 points.

"The market was under pressure from a number of factors throughout the week. The negative dynamics of the Moscow Exchange Index were driven, in particular, by expectations related to tax reforms as part of the 2026-2028 federal budget bill, as well as a mixed macroeconomic backdrop. The deflationary period has ended, and inflation has become more volatile, which does not favor a rate cut at the next meeting. GDP is showing weak momentum, with growth equaling 0.4% in August (for the second month in a row)," Maxim Fedosov, portfolio manager of the Pervaya Management Company, said.

The market was also pressured by the EU's preparation of the 19th sanctions package aimed at limiting Russia's energy revenues, as well as internal restrictions on fuel exports introduced by the Russian government on September 30, the expert added.