Why QIWI PLC Shares Sank Today
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.
What: Shares of QIWI PLC fell more than 16% Monday amid broader market unrest as Russia invaded Ukraine.
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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The article Why QIWI PLC Shares Sank Today originally appeared on Fool.com.Steve Symington and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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