Comments and pre-market: Eavex Ukraine Market Monitor: Nov 8

Local Ukrainian blue chips finished nearly flat on Thursday (Nov 7) in a second straight day of only minimal activity, with the UX index closing unchanged at 872 points. Externally, the “bad news is good news” story in the US was turned on its head by upbeat data showing the US economy expanded at an annualized 2.8% in 3Q, frightening traders into thinking that a reduction in Federal Reserve monetary stimulus could come as soon as next month. As a result, the S&P 500 sold off by 1.3%, representing one of the benchmark’s worst daily performances of 2013. In Kyiv, the only top name to see a notable change in pricing was Raiffeisen Aval, which added 1.5% to 10.50 kopecks. Outside the UX basket, Krukiv Wagon dropped 1.8% after announcing poor output figures for October. In Warsaw, Kernel and KSG Agro declined by 3.1% and 1.2% respectively, with the former ending at PLN 42.25, while the major London names were little-changed.

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Eavex Ukraine Market Monitor: Nov 8