The Moscow Exchange index on Tuesday, following the results of all sessions, decreased by 0.8% to 2,867 points, trading activity was higher than on Tuesday - 70 billion rubles. During the day, the index lost 1.5% and went below the support at 2,850 points, but by the end of the evening session, it regained some of its losses. The lack of certainty on the geopolitical background, the threat of new sanctions continue to weigh down the mood of the players, and the monetary support factor is not so important yet, and it has been sufficiently played out: next week the Bank of Russia will hold a meeting, where the "key" is expected to decrease to 16%.
The market leaders yesterday were TMK securities (+6.2%), playing off the memorandum between Gazprom and CNPC (Power of Siberia-2), and Polyus (+1.9%), which continues to benefit from rising gold prices.The outsiders on Tuesday were Surgutneftegaz's preferred shares (-2.5%), which lost their dividend appeal against the backdrop of a strong ruble, and unexpectedly Gazprom's shares (-2%), despite the good news on the Strength of Siberia -2. Probably, the lack of specific figures had an effect. But we still consider Gazprom attractive in the long term, and we keep the target at 180 rubles for 12 months.
In the context of uncertainty in the geopolitical arena, we are currently maintaining the target range for the Moscow Exchange index of 2,850 – 2,920 points, but we note that there are risks of falling below the support level with a deterioration in sentiment.
Ekaterina Krylova, Managing Expert of the Economic and Industry Analysis Department of PSB Bank.The "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.
