Comments and pre-market: Eavex Ukraine Market Monitor: Mar 31

Kyiv-listed Ukrainian stocks ended lower on Friday (Mar 28) despite the announcement of a preliminary agreement between the new government and the IMF on a comprehensive lending program that could see an initial aid tranche of USD 3bn delivered by the end of April. The UX index declined by 1.3%, closing at 992 points; year-to-date, although the index remains up by around 9%, stocks are substantially lower in USD terms due to a 25% fall in the value of the hryvnia. Motor Sich, which will not necessarily benefit from the new government’s pro-EU direction, concluded a terrible week by slumping 2.9% to UAH 1620. Raiffeisen Aval was also down by the same increment, although it still managed to end flat for the week. Alchevsk Steel continued to retreat into record-low territory, falling 1.7% to 3.46 kopecks, while UkrNafta was in the black, picking up 0.8% on turnover of UAH 900,000. In Warsaw, agro issues Kernel and Warsaw lost 2.0% and 3.2% respectively, with the latter ending at PLN 42.

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Eavex Ukraine Market Monitor: Mar 31