Ukrainian stocks fell in line with European shares on Thursday (Mar 21) as the European Central Bank toughened its stance on a bank bailout for Cyprus, giving the country just 4 days to come up with a proposal to generate EUR 5.8bn in revenues and avoid a national insolvency event. The UX index lost 0.9%, closing at 952 points. Top liquid issues Motor Sich (MSICH), Avdyivka Coke (AVDK), and Raiffeisen Aval (BAVL) were all hit, losing 2.1%, 1.9%, and 1.6% respectively on fairly heavy combined turnover of UAH 22.1mn, and Metinvest-controlled steelmakers Azovstal (AZST) and Yenakievo (ENMZ) both fell about 1%. CentrEnergo (CEEN) was the day’s bright spot, adding 0.7% after announcing an FY12 dividend that implies a 3.3% yield, and low-liquitity issue UkrSotsBank (USCB) rose 3.2% to 12 kopecks on the nose. It was a rough day for Ukrainian agro names listed abroad, with Avangard (AVGR LI) slumping 7.5% in London and Kernel (KER PW) losing 5.0% to PLN 54.50 in Warsaw; both issues are sitting at fresh 6-month lows. MHP (MHPC LI), which has performed much better than its rivals recently, nonetheless sold off by 1.8% yesterday, finishing at USD 17.60.
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