Page 115 - RusRPTJan21

Total trading volume across markets on the ​Moscow Exchange​ could reach 924 trillion rubles ($12.34 trillion) in 2020, setting an all-time high, according to the Chairman of the Executive Board and CEO Yury Denisov, ​RT reported.
While the official results of the year have not been announced so far, the head of the Moscow Exchange is confident that 2020 is on track to become record-breaking for the platform. Speaking to journalists earlier this month, Denisov said that trading volumes have risen as much as 18% over the past 12 months.
The explosive growth was mostly driven by the equity market, which skyrocketed 93%, according to the official. At the same time, turnover of the derivatives market jumped 57%, while trading volumes on the forex and precious metals markets rose by 43% and 50% respectively.
The previous record on the Moscow Exchange was set in 2017, when annual total trading volumes reached 887.6 trillion rubles.
The fundamental upside to BCS’s RTS target remains 1670 or almost 26%: “We still see a lot of long-term value in the market.”
BCS GM set its end of year 12MF RTS index target at 1670 -- borderline between a Buy and a Hold.
“We do acknowledge upside risks to this view – we see risks of upside rather than downside revisions of fundamental stock price targets ahead as analysts roll their valuation models.
“The RTS should grow only by 3% to 1450 to become a Hold. The mid-range of the Hold zone is 1560, and we would Hold on through that level and start taking profits then after 1560.
“An aggregate 2020e P/E for the RTS index based on our estimates stands at 12.8x in the middle of December, and is expected to shrink to 9.1x in 2021.
115 ​RUSSIA Country Report​ January 2021 www.intellinews.com