Comments and pre-market: Eavex Ukraine Market Monitor: Aug 16

Local stocks were down across the board on Thursday (Aug 15) on worries about tighter customs procedures in Russia for a wide range of Ukrainian exports. The move is being viewed as retribution for the Yanukovych government’s efforts to sign an association pact with the EU this November. The main US indices also sold off heavily on better-than-expected unemployment numbers, suggesting that a reduction in US monetary stimulus is becoming more likely. The UX index lost 1.5%, its biggest drop in nearly two months, to finish at 876 points. Top liquid issue Motor Sich was hardest-hit, sliding 2.4% on volume of UAH 4.5mn, followed by DonbasEnergo at -2.2%. All other blue chips lost between 1% and 2%, except for Yenakievo Steel, which was down only 0.5%.

In London, Ferrexpo and MHP sold off by 5.4% and 2.9% respectively, with the latter ending at USD 17.00, while in Warsaw, the exchange was closed for a local holiday.

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Eavex Ukraine Market Monitor: Aug 16