Comments and pre-market: Eavex Ukraine Market Monitor: September 23

Analytics and Market news

Monday, 23 September 2013

Eavex Ukraine Market Monitor: September 23

Eavex Capital

Ukrainian stocks edged lower on Friday (Sept 20) in line with activity on the main European bourses, as investors began to speculate about exactly when the US Federal Reserve might begin to slow its monetary stimulus program. The UX index inched down by two tenths of a percent to close at 842 points. The most notable decliner was top financial name Raiffeisen Aval (BAVL), which dipped back below 9 kopecks with a 1.6% loss, and Alchevsk Steel (ALMK) was down 1.0% on turnover of UAH 1.4mn. Metinvest-controlled metallurgy names Azovstal (AZST) and Avdyivka Coke (AVDK) continued to trade in the very narrow ranges in which they have been stuck since April, indicating that liquidity in these stocks has dried up. In London, JKX Oil & Gas (JKX LN) slid 4.5% to GBp 63, its lowest level since a mid-summer rebound, while Ferrexpo (FXPO LN) moved down by 2.3%.

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