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Monday, November 29, 2010

Daily Market Brief

Market Comment

Ukrainian equity markets were dragged lower by renewed concerns over the eurozone’s debt problems and escalating tensions in Korea Friday (Nov. 26). The UX exchange opened lower, but took back some of the early losses to close down a mere 0.25%. Trading volume came in at a solid UAH 167 mln. Raiffeisen Bank Aval (BAVL) was the stock of the day, popping up 3.08%. Centerenergo (CEEN) and Ukrnafta (UNAF) also finished in positive territory, adding 0.12% and 0.19% respectively. Investors fixed profits in Ukrtelecom (UTLM -1.66%). Metals and mining stocks put downward pressure on the index: ENMZ -1.56%, ALMK -0.84%, AVDK -0.85%, AZST -0.64%, YASK -0.83%. Motor Sich (MSICH -0.87%), Ukrsotsbank (USCB -0.67%) and Zakhidenergo (ZAEN -0.83%) also slumped.

Among Ukrainian stocks listed on international markets, Regal Petroleum (RPT LN) extended gains by another 6.85%, while other oil and gas names edged lower: JKX LN -0.67%, CAD LN -1.24%. Ferrexpo (FXPO LN) also traded in the red, losing 0.51%. Agricultural and food processing stocks showed mixed dynamics: Agroton (AGT PW -0.17%) and Astarta (AST PW -1.26%) shed, while Kernel (KER PW +1.48%) and MHP (MHPC LI +0.62%) gained ground.

Macro: Ukraine’s aggregate public debt rises to 37.5% of GDP