Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
So what: The Moscow Exchange's Micex index fell nearly 11% on the day, so its unsurprising U.S.-listed Russian stocks like QIWI suffered the fallout. Shares of the Russia-based payment services provider are also still up more than 12% after a rapid rise over the past month, which at least partially explains the severity of today's drop.
Now what: QIWI is all set to announce fourth quarter results on March 12, when investors hope the company can reprise last quarter's better-than-expected performance. Even so, I remain hesitant to dive in today given the wider macrco uncertainties surrounding Russia's decision. Until the dust settles and the longer-term repercussions for Russia's economy become more clear, I'm perfectly happy watching QIWI from the sidelines.
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