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Wednesday, November 17, 2010

Daily Market Brief

Market Comment

Ukrainian equity markets declined Tuesday (Nov. 16), dragged lower by negative sentiment from global markets. The UX exchange lost 1.71% as investors’ concerns over European sovereign debt took its toll. Activity was high – trading volume came in at UAH 187 mln. Blue chips closed broadly lower led by Motor Sich (MSICH -3.34%). Banks followed suit with Raiffeisen Bank Aval (BAVL) shedding 2.04% and Ukrsotsbank (USCB) declining 2.17%. Metals and mining stocks posted moderate losses: AVDK -1.66%, AZST -1.92%, ENMZ -1.45%, YASK -0.77%. Most other top names mirrored the broad market trend: CEEN -1.29%, UNAF -0.98%, UTLM -1.63%.

Ukrainian stocks listed on international markets showed mixed dynamics. Regal Petroleum (RPT LN) jumped 5.36%, while Cadogan (CAD LN -3.9%) and JKX Oil & Gas (JKX LN -2.15%) closed significantly lower. Investors fixed profits on Ferrexpo (FXPO LN -8.1%), pushing the price lower. Among agriculture and food processing stocks, only Kernel (KER PW +0.39%) managed to stay on the positive side, while Agroton (AGT PW -1.39%), Astarta (AST PW -2.25%) and MHP (MHPC LI -1.21%) lost in price.

Macro: Ukraine’s industrial output grows 10.2% Y-o-Y in October
Macro: IMF mission approves second tranche to Ukraine
Fixed Income: Ukraine’s President appoints new Head of Kiev City State Administration
Fixed Income: MHP reports 4.3 times increase in net profit