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

Ukrainian stocks ended mostly lower on Thursday (Mar 27) despite a news that Ukraine and the IMF reached a preliminary agreement on a loan program of USD 14 - 18bn. The deal, which is subject to the approval of the fund’s board next month, is intended to get the new government over a big hurdle of coming debt obligations when its hard-currency accounts have been sharply diminished by months of unrest that led to the overthrow of former President Viktor Yanukovych. The UX index shed 0.6% to close at 1,005 points. Among blue chips only Raiffeisen Bank Aval and CentrEnergo stayed in the black. The steel sector underperformed the broad market with Azovstal and Yenakievo Steel declining by 1.3% and 1.9% respectively. In the second division, UkrTelecom lost 5.5% which we attribute to a continued selloff in the stock after the company reported poor financial results for FY13 earlier this week.
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Eavex Ukraine Market Monitor: Mar 28