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The Russian stock market began to grow by the end of the week



After a decline in the first half of the day, when investors were energetically putting geopolitical risks in prices, Russian stock indices moved to growth in trading on Thursday, although there is no talk of a rally – the recovery looks rather modest. The external background is conducive to purchases. American benchmarks continue to renew record highs, Europe opened in a good plus, bond yields continue to retreat from highs. Since the beginning of the session, the Moscow Exchange and the RTS index have risen by 0.49% and 0.35%, respectively. Yesterday’s minutes of the FRS meeting had a beneficial effect on investor sentiment, although it did not cause violent emotions – primarily due to the fact that the content and tone of the documents were expected … At the same time, the central bank pointed to an improvement in the state of the economy and confirmed that it would not start tightening monetary policy until employment and inflation recovered. In general, the amplitude of movements in global markets decreased, as evidenced by the near-zero dynamics of Asian indices. It looks like investors are bored and waiting for fresh catalysts that could give a fresh impetus to stocks in one direction or another. Against the background of consolidating sentiments in foreign markets, no significant changes are expected on domestic sites in the near future, unless, of course, further aggravation on the geopolitical front entails a new wave of sales. Given the tension on this front, investors will continue to keep their finger on the pulse and refrain from aggressive purchases. The oil factor continues to have an indirect impact on our market these days, primarily due to the lack of a well-defined vector of price movement, which does not get tired of changing direction. At the same time, Brent’s growth potential remains limited, while downside risks remain, which is theoretically negative for the Russian market .________________ Mikhail Kogan, Head of Analytical Research, Higher School of Financial Management

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