RESILIENCE OF THE RUSSIAN STOCK MARKET TO SYSTEMIC SHOCKS: EXPERIENCE OF 2020-2025

Abstract

The objective of the study was to comprehensively examine the resilience of the Russian stock market to systemic shocks that affected it in the period from 2020 to April 2025. A comparative analysis of the degree of influence of shocks of various natures on the market was carried out. The market behavior under systemic shocks was studied in general and in the context of different sectors of the economy, while considering both the change in the relevant indices based on the results of the corresponding trading days and the depth of the index «drawdown» taking into account the effect of the psycho-emotional factor, as well as the degree of recovery of different indices by the end of the day. An analysis was carried out for the presence of «defensive» sectors on the market, investments in securities of which would mitigate the negative impact of systemic shocks of various natures on the investment portfolio. The degree of information content for investors of the sectoral stock market indices calculated by Moscow Exchange PJSC was assessed in terms of their ability to provide investors with information on the behavior of issuers with a similar business profile on the securities market. Based on the systematization of the results of the conducted analysis, conclusions are formulated regarding the behavior of different sectors of the stock market of PJSC Moscow Exchange under the conditions of various systemic shocks and separate proposals are given regarding the application of sectoral indices of the stock market.