Reference point for the Moscow Exchange index: corridor 3500-3550 points


Market on the eve

The week began with a decline. The dynamics diverged from the trend at the world’s leading markets. The growth leaders among the most liquid securities were shares of VTB Bank (VTBR 0.044145, + 3.01%). Among the outsiders were ordinary shares of Surgutneftegaz (SNGS 35.675, -3.71%). The USD / RUB pair was trading in the range of 76.00–76.50.

Market and company news

The Moscow Exchange (MOEX 169.90, + 0.29%) reported an increase in the number of private investors. The number of individuals who opened brokerage accounts in March increased by 745 thousand. This is less than in February (884 thousand), but, in our opinion, does not indicate the emergence of any negative trends in the stock market. Brokerage accounts are open with 11 million people, and about half of them are empty or dormant with a small amount of assets. We estimate the potential for penetration of the stock market at 25 million people, which can be achieved already in the current decade (the number of accounts owned by investors with different brokers will be much higher). Although the inflow is unlikely to be consistently high, this news, in our view, is positive and encourages investment in Mosbirge shares.

Trading Ideas

Sberbank JSC (SBER 288.45, -1.11%), spec. sale, goal: 280 rubles. The uptrend has not been reversed, but the maximum has not been renewed. A new upward movement is likely after a technical correction from the nearest support level near 280 rubles.

Expectations

Market growth is possible. Forecast for the USD / RUB pair: range 76.00–76.50. The reference point for the Moscow Exchange index: the corridor 3500-3550 points.

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