Russia’s MOEX stock index opened higher after partially reopening for the first time in almost a month.
In the first few minutes, the index rose more than 10%.
The Moscow Stock Exchange last traded on Feb. 25, after shares plunged following the invasion of Ukraine and the subsequent sanctions imposed on Russia.
The MOEX index had lost roughly 35% of its value this year, while the RTS index — which is denominated in dollars — plunged 42%.
What is reopening:
- The Central Bank said the exchange would partially re-open for trading in Russian stocks on Thursday.
- The Bank of Russia said trading in 33 stocks would take place between 9.50 a.m. and 2 p.m. local time. (It's currently 10:42 a.m. in Moscow.)
- The Russian equities allowed to resume trading include big companies such as Gazprom, Lukoil, VTB Bank, Sberbank, Rusal and Rosneft.
- The central bank said there will be a ban on short shelling for these shares and it blocked foreign investors from selling their shares.
- It has also brought in currency controls, limiting the amount of foreign currency people can take out of Russia.
Some context: The White House criticized the move to reopen the stock market, calling it a "charade" and a "Potemkin market opening" that will obscure the dire effects of Western economic sanctions.