Comments and pre-market: Eavex Ukraine Market Monitor: October 18

Kyiv-listed stocks made gains for a third straight session on Thursday (Oct 17), benefiting from positive global sentiments that resulted from the resolution of the debt-limit crisis in the US after the Republicans in Congress unsurprisingly backed off their demands at the last minute in what had amounted to a game of chicken between them and President Obama. A day after the DAX hit a new all-time high, it was the S&P 500’s turn to do so; the benchmark ended at 1733 points. With external sentiments like this, it may be too early to count Ukraine out of the Eurobond market in what is left of 2013. The UX index added 0.7% to finish at 861 points. Azovstal rose 1.6% to above 65 kopecks, its best close in more than 6 months, and volume leader Motor Sich gained 1.5% on turnover of UAH 1.4mn. Outside the UX basket, LuganskTeplovoz moved up by 5.8%, while in London, agro names MHP and Avangard enjoyed solid respective advances of 3.6% and 4.9%, with the latter ending at USD 12.15.
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Eavex Ukraine Market Monitor: October 18