Russian stock market fell on the news about the draft budget

The index of the Moscow Exchange at auction on Thursday, September 24, fell sharply amid the news that the Ministry of Finance submitted to the government a draft budget for 2027 and the planning period of 2028 and 2029, laying in it the priority of spending and whitewashing measures.

By 11:27 MSK, the index of the Moscow Exchange (IMOEX) decreased by 0.12%, to 2309.58 points. At the beginning of the trading session, positive dynamics prevailed in the market. At the maximum, the index rose by almost 1%, to 2334.05 points.

Among the papers included in the index of Mosbirzhi, the leaders of the fall at 11:19 MSK were shares:

Phosagro (-3.28%); ICD (-2.47%); Norilsk Nickel (-1.58%); En + (-1.35%); MMK (-1.15%).

Growth leaders:

Ozon (+1.6%); NOVATEK (+0.8%); Rosneft (+0.7%); Rusagro (+0.7%); VK (+0.5%).

The Ministry of Finance, in particular, proposed to introduce taxes on additional revenues of the mining and metallurgical sector. In the mining and metallurgical sector, it is proposed to introduce a tax for individual mining organizations in the amount of 30% of additional income received as a result of an increase in world prices in ruble equivalent for solid minerals to the level of the base year 2024 (20% for gold).

According to the ministry, the base price for oil in the draft budget is set at $50 per barrel - if actual prices exceed the base surplus of income, they will go to the National Welfare Fund.

In addition, the Ministry of Finance also proposed to introduce a five-step progressive personal income tax scale for “passive” income – for dividends, interest from deposits, securities transactions, from the sale of property and the sale of participation shares.

Analysts of the investment company Vector Capital believe that the news about the budget policy for the next three years for the stock market is negative. At the same time, for the debt market, according to experts, the news is absolutely neutral, said Ivan Taskin, head of the department of analytics of fixed income instruments Vector Capital.

The news is supplemented