Tuesday, 15 May 2012
Briefing: Rebound after the sell-off?
Astrum Capital
On Monday, S&P 500 futures broke the support level and the other classes of risky assets joined the sell-off. As it was expected, Ukrainian market underperformed its global peers by the end of the day losing more than 7%. Nevertheless we see no domestic factors having been able to trigger such a big one day decline. The UX Index dynamics were the product of weak sentiment abroad and the old-known liquidity deficit. That’s why, watching the kind of short-term reversal on the global markets this morning, we remain cautious regarding the ability of Ukrainian market to show a strong rebound from the current levels.
