On Wednesday, the Russian stock market returned to growth, playing off the news agenda. So, by the end of the evening session, the Moscow Exchange index rose by 1.3%, ending the day at around 2,180 points. At the same time, we note a significant decrease in turnover – following the results of all sessions, the total trading volume amounted to only 47.5 billion rubles (the lowest value since June 11) against 92.5 and 98.5 billion rubles in the previous 2 sessions.
Among the market leaders, we can single out the securities of metallurgists – following the results of trading, shares of Norilsk Nickel, NLMK and MMK added 2.9%, 2.8% and 2.5%. They were supported by TMK securities (+3.8%). We also note the rise in shares of OGK-2 and RusHydro, which added more than 3%, and the continued recovery in shares of Ozone (+2.6%). Bashneft (-2.8%), where sales prevailed despite the good situation in oil prices, and CYANe (-1.4%), where the wave of profit-taking continues after a strong wave of growth, originating from the July lows, and Rosseti Moscow. region (-1.7%).
Today, the Russian stock market may try to continue the growth wave and test the upper limit of our target range of 2,100 – 2,200 points, which is the nearest resistance. However, the market may need a significant incentive to pass it. In its absence, we can rather expect the market to roll back into the middle of the designated corridor. At the same time, we continue to look at the Russian stock market cautiously in the medium term. The risks of a further slowdown in the economy and a pause in the cycle of lowering the key rate at the September meeting, as well as the persistence of increased uncertainty on the geopolitical track, create conditions for resuming a full-fledged decline and updating the lows of the year in the medium term. In the current situation, we continue to consider the opening of medium- and long-term positions in stocks premature.
Bogdan Zvarich, Head of Banking and Financial Market Analysis at PSBThe "Comments" section of the AK&M news agency publishes materials submitted by Russian and foreign investment companies and banks. Their opinions may not coincide with the opinion of the editorial staff of the AK&M agency. The opinions presented in the comments are expressed taking into account the situation at the time of publication of the material. The comments are for informational purposes only; they do not constitute an offer or advice on the purchase or sale of securities. For questions about the placement of information in this section, please contact the agency's editorial office by phone (499) 132-61-30 ext. 0102.
