The Moscow Exchange index lost 3% on Tuesday, closing at 2,662 points, with high turnover of 129.5 billion rubles, most of which was held at evening auctions. Once again, geopolitics rules the market, and the information background is extremely contradictory, respectively, emotions come to the fore.
Yesterday, an extremely small number of securities were in the lead: Astra's shares ended the day with a gain of 1.7%, playing off the possibility of maintaining tax breaks for IT companies (the Ministry of Finance is considering the option of maintaining VAT benefits when buying domestic software) and unexpectedly, AFK Systems (+0.6%), without obvious corporate news.Yesterday, as well as a week ago, the shares of the PEAK fell the most (-6.4%), which are already under pressure from the planned reverse split procedure and the lack of plans to return to dividends. Polyus securities, which lost 5.8% yesterday, were also under pressure, as expected due to the correction of gold. Aeroplane, VK, Aeroflot - all securities lost over 4% yesterday, which is understandable, since these companies are vulnerable to both the external background and monetary policy - the Central Bank's rate meeting is in focus this Friday.
Today, in our opinion, will be a volatile day again. We expect the Moscow Exchange index to be in the range of 2630-2700 points. As we said earlier, in an emotional market, it is worth looking at reliable securities with growth potential: we consider Yandex, Sberbank, Transneft, X 5, Lenta, and Headhunter to be such.
Ekaterina Krylova, Managing Expert of the Economic and Industry Analysis Department of PSB Bank.
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