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Monday, November 22, 2010

Daily Market Brief

Market Comment

Ukrainian equity markets edged lower Friday (Nov. 19) after China increased the volume of required bank reserves by 0.5%. The UX exchange lost 0.77% as trading volume reached an impressive UAH 230 mln. Ukrsotsbank (USCB -3.18%), Zakhidenergo (ZAEN -2.22%), Motor Sich (MSICH -1.09%) and Ukrnafta (UANF -1.25%) contributed most to the index’s decline. Coke producers (AVDK -0.98%, YASK -0.56%), Raiffeisen Bank Aval (BAVL -0.67%) and Ukrtelecom (UTLM -0.73%) posted meager losses, while Steel makers (ALMK +1.20%, AZST +0.52%, ENMZ +1.02%) and Centerenergo (CEEN +0.26%) bucked the general trend.

Among Ukrainian stocks listed on the London Stock Exchange, Regal Petroleum (RPT LN -5.17%) and Ferrexpo (FXPO LN -2.12%) were the most notable losers, while other names posted gains: CAD LN +3.95%, JKX LN +0.28%, MHPC LI +0.59%. In Warsaw, Astarta (AST PW -2.6%) slid, Kernel (KER PW -0.08%) lost a fraction and Agroton (AGT PW) closed flat.

Politics: Ukrainian parliamentary election pushed until 2012
Macro: Ukraine’s government forecasts 4.5% Y-o-Y GDP growth in 2011

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