By October 30, the Russian stock market had lost its previous positive momentum: while sentiment remained optimistic at the start of the week, by its end sellers had confidently seized the initiative. For retail investors, this is a direct signal for caution — buying on a wave of growth risks turning into a paper loss at the first pullback in prices.
Client demand shifted toward technology stocks, while energy sector shares were sold off most actively. A bet on technology justifies itself as long as financial reports confirm expectations, but an excessive tilt toward a single sector makes the portfolio vulnerable to disappointments.
What was bought and what was sold
During the week, investors actively increased positions in Ozon and VTB shares, and the publication of companies' financial results for the nine months of 2026 further supported interest in these securities. Polyus and Lukoil shares also drew the greatest weekly interest. At the same time, Gazprom, Novatek and Sber, which had led in popularity earlier, ceded their positions — of the previous four favorites, only Polyus remained on the list.
Buyers again favored the technology sector: growth compared with the previous week amounted to 31.8%. Sellers, meanwhile, focused on offloading energy company shares.
The Moscow Exchange index rose above the 2,500-point mark and is trying to consolidate at the levels reached. According to Stanislav Kleshchev, investment strategist at VTB My Investments, companies' financial results, the seasonal year-end market rally and expectations of geopolitical developments are likely to support the emerging upward trend.
Gold and neo-assets: what else to watch
Interest in Polyus persists despite the fact that on October 29 the gold miner's shares fell more than 4% on the Moscow Exchange and have lost 48.5% over the year. Such a deep decline opens an entry point for newcomers at almost half last year's levels, but high Fed rates continue to weigh on gold, and therefore on the company's revenue as well.
The SPB Exchange initiative also deserves separate attention: the venue offers investors an alternative to Russian securities and, from November 2, extends trading in neo-assets on shares of global companies by one hour. Neo-assets are perpetual futures settled in rubles that track the share price but do not make the investor its owner. The extended session increases the time during which an open position can go into the red, which requires holders of such instruments to exercise enhanced risk control.
Cryptalist analysis: The flow of capital into the technology sector amid the sell-off in energy reflects not so much a change in long-term preferences as a tactical rotation against the backdrop of seasonal factors and the reporting season. The concentration of portfolios in a single sector and the growing popularity of margin instruments such as neo-assets increase the market's vulnerability to correction — the sustainability of the current upward trend will be determined by the quality of corporate results and the dynamics of the geopolitical backdrop.