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Monday, October 4, 2010

Daily Market Brief

Market Comment

Ukrainian equity markets went against the global trend Friday (Oct 1) to finish in the red. The UX exchange opened strong, but reversed soon after the opening bell to close 0.57% lower. Trading volume was moderate at UAH 66 mln. Metals and mining stocks led the broad market decline: ALMK -1.87%, AVDK -0.51%, AZST -1.85%, ENMZ -1.06%, YASK -0.82%. Banking names kept the pace with Raiffeisen Bank Aval (BAVL) losing 0.41% and Ukrsotsbank (USCB) declining 1.13%. GenCos (CEEN -1.75%, ZAEN +0.47%) showed mixed dynamics, while Motor Sich (MSICH -0.29%) and Ukrnafta (UANF -0.06) lost a fraction.

Among Ukrainian stocks listed on international markets, investors continued to dump Regal Petroleum (RPT LN -9.46%), Cadogan Petroleum (CAD LN -1.25%) came under selling pressure, and JKX Oil & Gas (JKX LN +0.25%) eked out gains. Ferrexpo climbed 1.62%. Food processing stocks also posted gains: MHPC LI +0.66%, KER PW +1.52%.

Emerging market Eurobonds added in price Friday, and Ukrainian issues were no exception. Corporates and banking names were in demand. ALFAUA and FIUKR added one-quarter and one point respectively. Sovereigns remained predominantly flat with long duration issues slightly up.

Fixed Income: Arrears on VAT refunds slashed to UAH 3 bln
Coke: Ukraine’s coke production in September remains unchanged
Metals and Mining: Khartsyzsk Tube increases output in September by 54% M-o-M
Metallurgy: Ukraine’s steel industry increases output by 7% M-o-M

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