Ukrainian stocks clawed back early losses on Tuesday (Mar 19), finishing mixed and outperforming the main European bourses, where investors were spooked by the Cyprus Parliament’s rejection of the conditions of a bailout plan to save the country’s financial system. The ball is now back in the court of the European Central Bank, which must decide whether to allow Cyprus to default or to continue providing liquidity to Cypriot banks with no strings attached. The UX index inched up by 0.2%, closing at 962 points, with blue chips equally split between winners and losers. Avdyivka Coke (AVDK) was the day’s best performer with a 1.4% pickup, and steelmakers Alchevsk (ALMK) and Yenakievo (ENMZ) both added 1.2%. On the downside, Raiffeisen Aval (BAVL) lost 0.8% on turnover of UAH 3.2mn and DonbasEnergo (DOEN) slipped 1.0% to UAH 20.75. In second-tier issues, Krukiv Wagon (KVBZ) and Yasynivsky Coke (YASK) shed 1.7% and 1.3% respectively, while DniproEnergo (DNEN) gained 3.2% to UAH 187. In London, Ferrexpo (FXPO) slumped 8.1% after a report from Goldman Sachs that slashed iron ore pricing forecasts; Avangard (AVGR) slid 3.9% to USD 9.30, and MHP (MHPC) lost 2.0%.
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