Local Ukrainian stocks suffered for another day from speculators who pushed down quotes ahead of yesterday’s (Sept 16) expiration of UX futures contracts. Betting against the futures has become an easy short-term trading trick due to the sharp fall in the Ukrainian market’s liquidity over the last two years; fortunately, the expirations occur only four times per year. Externally, it was a bullish day for global markets, as the sudden withdrawal of monetary policy hawk Lawrence Summers from the race to become the next US central bank chief boosted investor expectations of continued Fed monetary stimulus. The UX index ended down 0.9% at 823 points, with most issues rebounding somewhat before the close. Raiffeisen Aval was hardest-hit, dropping below 9 kopecks with a 2.4% decline, and Avdyivka Coke lost 1.4% to UAH 3.13. In London, MHP jumped by 3.8% to USD 16.50, while Avangard and JKX Oil & Gas slipped by 1.8% and 1.5% respectively.
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