Experts say the news caused the price drop, which Russian traders used for profit-taking from overbought shares. However, the market is likely to rebound.
The RTS index slid by 1.09% and MICEX by 1.25% Monday, with deals totaling $46.6 million against $55.9 million Friday.
Decreasing share prices in the first hours of trading stabilized in the afternoon.
"The reason must have been the decline in world oil prices, as concerns about the impact of Rita faded away Friday," said Vladimir Detinich, an expert at the Olma investment company.
The downward trend on the stock exchange, however, did not continue.
Andrei Rozhkov, an analyst with Kapital investment group, said the trend had arisen from slack dealing in stocks, typical of Mondays.
Trading on the Russian stock markets ended with decreasing blue chip prices.
The shares of LUKoil, Surgutneftegaz and Sibneft dropped by 2.13%, 2.86% and 2.78% respectively. United Energy System, Norilsky Nikel and Rostelecom shares declined slightly by 1.06%, 1.7% and 1.36%, respectively.
