Page 86 - RusRPTJun20

Outflows from those ETFs that are the most relevant to Russian stocks continued. These outflows were equally spread between GEM and Russia-dedicated ETFs.
BCS GM bottom-up 12MF RTS target remains at 1330 for now, which implies a decent 20% upside. However, the worsening pandemic in large EMs along with weak government support has already translated into an historic record slump of many EM economies.
Investors are hardly happy and continue to withdraw. Analysts still see short-term risks skewed to the downside for the Russian market.
DSKY topped the buys list, while buying in TRNFP slightly faded. Selling YNDX into strength visibly intensified, while both Retail and Institutional investors were selling MOEX – the name was a top outperformer last week. Selling in POLY greatly abated, but the stock remained in the retail’s top active sells list. ‘Smart money’ was selling IRAO into domestic demand.
Consumer attracted investors the most for the second week running in teh first half of May, thanks primarily to interest in DSKY. Oils have lost their allure for Retail, having spent most of April at the very top of the sector chart. Financials remain the least attractive sector.
86​ RUSSIA Country Report​ June 2020 ​ ​www.intellinews.com