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Friday, August 13, 2010

Daily Market Brief

Market Comment

Seesaw action was observed on Ukrainian equity markets Thursday (Aug. 12). Weighed down by negative data out of the US, the UX exchange dipped more than 20 points, but pared losses in a late rally to end the session 0.07% higher. Activity was moderate with a total trading volume of UAH 86 mln. MMKI stole the spotlight, jumping 20.12% on low volumes. Alchevsk Steel (ALMK +0.58%) and Yasynivka Coke (YASK +0.27%) gained ground, while other metals and mining stocks floundered in the red (AVDK -0.24%, AZST -0.76%, ENMZ -1.23%). Ukrtelecom (UTLM) was among notable gainers, adding 2.09%. Ukrnafta (UNAF) and Zakhidenergo (ZAEN) inched up 0.06% and 0.26% respectively, while Centerenergo (CEEN) dropped 0.79%.

Most Ukrainian stocks listed on international markets returned to positive territory. All food processing names finished higher: KER PW +2.25%, AST PW +0.16%, MHPC LI +1.81%. Ferrexpo (FXPO LN) advanced 2.73%. The situation in the oil and gas sector was less optimistic. JKX Oil & Gas came under selling pressure to close 1.72% lower, while Cadogan (CAD LN) and Regal (RPT LN) hovered around the flat line.

Moderate action was recorded on the Ukrainian Eurobond market Thursday. Solid demand at the opening pushed long-end sovereigns and NAFTO up about a half a point; however, interest faded quickly causing the papers slip back to previous levels. In the corporate sector, volumes were insignificant with some trading in Metinvest and MHPSA. Slight demand was observed for municipal issues and AZOVTL without any price change on the day.

Trading on the Russian market was similarly moderate with sovereigns closing flat. In the corporate sector, GAZPRU, VTB and VEB were actively traded without any price change recorded.

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