Comments and pre-market: Eavex Ukraine Market Monitor: October 21

Ukrainian stocks moved up on Friday (Oct 18) for a 4th straight session, although by less than the gains seen in the US and Europe, as global investors continued to bet that the “bad news” of the recently-ended US government shutdown will provide a justification for the Federal Reserve to leave its bond-buying stimulus unchanged into 1Q14. The S&P 500 surged to another all-time high and the dollar weakened to 1.37 against the euro; US economic data due out this week could either confirm or muddy the outlook for continued quantitative easing. The UX index edged up 0.4% to close at 864 points. Azovstal led the way with a 3.5% rise to 68 kopecks, while fellow steelmakers Alchevsk and Yenakievo added 0.7% and 0.6% respectively. Local heavyweights Motor Sich and Raiffeisen Aval both ended unchanged. In London, Avangard rallied again, picking up 2.7% to USD 12.50, while MHP slid 2.5% and Kernel fell by a similar increment in Warsaw.

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Eavex Ukraine Market Monitor: October 21