Comments and pre-market: Eavex Ukraine Market Monitor: Jan 28

Ukrainian stocks rallied sharply in the afternoon on Monday (Jan 27) after a bad start that saw the local benchmark plunge 3% at the opening. The UX index ended its losing streak, finishing with a solid gain of 1.8% at 864 points despite spending most of the session in the red. Kyiv was relatively quiet on Monday, with Parliament due to hold an emergency session today to seek a solution to the country’s crisis, amid growing signs of internal division in the protest movement even as it succeeds in putting more pressure on the Yanukovich government. All Ukrainian local blue chips closed higher. Avdyivka Coke (AVDK UK) led the rally, jumping 4.8%. Heavyweights Motor Sich (MSICH UK) and CentrEnergo (CEEN UK) both added about 1.5%. Fertilizer producer Stirol (STIR UK), a second-tier issue surged by 11% on news that the company is going to resume ammonia production as prices on export markets have started to rise. Ukrainian agro names traded abroad were generally lower, with MHP (MHPC LI) finally reacting to the unrest and sliding 4.0% to USD 16.70. In Warsaw, Astarta (AST PW) edged down by 0.6%.
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Eavex Ukraine Market Monitor: Jan 28