The Russian stock index Moex rose by almost 12 percent on Thursday morning.
The first day after almost a month's break in stock trading seems to be characterized by optimism among investors.
However, appearances are deceptive.
Gregory Bruner
Editor in Business.
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For one, trading does not take place under normal conditions.
With 33 shares, only around 15 percent of the listed companies are admitted to trading.
On the other hand, short sales are prohibited for these shares, so that you cannot bet on falling prices.
In addition, foreign investors have previously been banned from selling Russian stocks.
The US government has called the resumption of trade under these conditions a "charade".
"This is not a real market and not a sustainable model, which only underscores Russia's isolation from the global financial system," Deputy National Security Advisor Daleep Singh said Thursday.
The price jump at the start of trading can also be explained by a cash injection from the Russian sovereign wealth fund.
The equivalent of $10 billion was announced as a jump-start for the Russian stock market, which lost much of its value at the beginning of the year after Russia's attack on Ukraine.
As the morning progressed, the rally proved short-lived.
of the almost 12 percent gain at the start of trading, only around half remained later.
Experts had expressed doubts as to whether the price gains would be sustainable in the long run.