Russian ETF jumps as some sense bargains in ‘uninvestable’ market

A Russia-exposed ETF rose by more than 100% in London on Thursday in a sign that some investors see current distressed levels as a potentially cheap entry point for Russian assets, even as the Ukraine crisis intensifies.

The Moscow bourse has been closed for four days in a row and Russian stocks and bonds are now “in the realms of utterly uninvestable,” said Peter Harrison, CEO of Schroders.Despite many investors not touching Russian securities, shares in BlackRock’s iShares MSCI Russia ADR/GDR ETF , which tracks depositary receipts of Russian firms like Sberbank and Gazprom rallied by as much as 106% after hitting a record low on Wednesday.

“The bounce reflects both bargain hunting and also potential belief that some resolution may be in sight,” Jawaid Afsar, sales trader at Securequity, said. Social trading brokerage eToro, which froze buy orders on some Russian stocks earlier this week, said on Thursday it could close positions in certain instruments and would do so at the end of business on Friday for Russian retailer Magnit.But mainstream investors are staying on the sidelines.

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