Ukrainian stocks, both local and foreign-listed, suffered their worst 1-day rout since the onset of the 2008 global financial crisis on Monday (Mar 3) following Russia’s military takeover of Crimea this past weekend and the new Ukrainian government’s uncompromising stance that the territory must be returned. The developments also sparked furious asset selloffs in Russia and Germany, where the DAX lost 3.4%, and the West launched a frenetic round of diplomacy to try to defuse the crisis. The UX index plunged by 11.7% to close at 988 points. Losses in the top names were more or less uniform across the board, with Motor Sich, Raiffeisen Aval, CentrEnergo, and UkrNafta all down in line with the benchmark. In London, Ferrexpo and MHP finished off their worst lows of the day but still finished lower by around 8% each, while less liquid Avangard plummeted 16% to USD 8.40. In Warsaw, the losses of Kernel, Astarta and Ovostar were in the range of 15%. We expect some rebound this morning as the threat of heavy Western economic sanctions against Moscow appears to be going some way toward forcing a peaceful resolution of the conflict.
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