CIS Equities: More Upside Ahead

Although equities in the Commonwealth of Independent States look ripe for a short-term pull-back following a rapid run-up in the past six months, we believe that benchmark indices in Russia, Kazakhstan and Ukraine are likely to continue heading higher this year. We see major long-term potential for equities in the region, driven by robust commodity prices, recovering banking sectors, a mitigation of political risk, the development of non-oil export sectors, and significant consumer potential.

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