Ukrainian stocks were hit by a wave of late-day selling on Monday (Mar 25) as initial optimism over the Cyprus bailout announcement faded and a key forecast for German economic growth in 2013 was slashed to just 0.3%. A comment from the Netherlands’ finance minister suggesting that depositors in other EU nations could be hit with losses according to the Cyprus model also had a negative effect on the main European indices in the afternoon. The UX index ended with a loss of 2.3% at 913 points despite having been up by more than 2% in the morning. The most liquid issues were the day’s biggest decliners, with Motor Sich (MSICH) dropping 3.4% to UAH 2315 and Raiffeisen Aval (BAVL) and CentrEnergo (CEEN) down 3.3% and 3.0% respectively; the three heavyweights printed a combined UAH 12.1mn in deals.
Metinvest-controlled steelmakers Azovstal (AZST) and Yenakievo (ENMZ) outperformed the rest of the UX basket as both finished nearly unchanged. Among substantially-traded second-tier names, Stirol (STIR) fell 4.0% to UAH 13.01 and Yasynivsky Coke (YASK) added 1.3%. In Warsaw, Kernel (KER PW) gained 3.8%, while Avangard’s (AVGR LI) struggles continued in London with an 8.6% tumble to USD 7.60.
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