Morgan Says Buy Russia Stocks Seven Weeks After Sell Call - Bloomberg

Morgan Says Buy Russia Stocks Seven Weeks After Sell Call - Bloomberg:



"Morgan Stanley advised clients to buy Russian stocks seven weeks after cutting the country to sell, the latest sign of how volatile the market has become as the conflict in neighboring Ukraine approaches its eighth month.



The Oct. 17 upgrade to what Morgan Stanley equity strategist Ronan Carr described as “tactically overweight” came on the same day JPMorgan Chase & Co. said Russian stocks are likely to extend declines. The bank cut its recommendation to sell in late July, just a month after raising it to buy.



The brisk market-call reversals have come amid steep swings in Russian stocks as investors react to developments in the conflict in eastern Ukraine. The Russian Market Volatility Index, a gauge of traders’ projections for price fluctuations in equities, peaked at 65.4 percent in March after President Vladimir Putin moved to annex Crimea. It reached a six-week high last week."



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