Russia Stocks Cut by JPMorgan on Gazprom, Putin Policies
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JPMorgan Chase & Co. advised reducing Russian stock holdings as OAO Gazprom’s proposed dividend cut, falling oil prices and “policy stasis” in President Vladimir Putin’s government overshadow low valuations.
Russia was cut to underweight from neutral, Adrian Mowat, JPMorgan’s chief Asia and emerging-market strategist, wrote in a report dated April 20. The nation’s stock market, the biggest consensus overweight position among emerging-market fund managers, is vulnerable to foreign outflows, Mowat said.