Ukrainian stocks were lower in Kyiv on Monday amid the start of
litigation between Russia and Ukraine over the price of natural gas, including
already-delivered supplies this quarter, as well as the lack of positive news
coming out of the Donbass region, where an undeclared war is taking place
between Ukraine’s armed forces and pro-Russian guerillas. Externally, the new
crisis in Iraq kept a lid on the main global indices, although losses were
generally muted. The UX index gave up 1.1% to close at 1223 points. Alchevsk
Steel, located near the center of the turmoil in southern Lugansk oblast, fell
2.9% to 3.63 kopecks, and Metinvest-controlled Avdyivka Coke was down 2.7%.
Among the top liquid blue chips, Raiffeisen Aval and Motor Sich shed 1.8% each
on combined turnover of UAH 7.9mn, while CentrEnergo was somewhat better, edging
lower by 0.6%. Outside the UX basket, Bogdan Motors slid by 5.5%. In London, the
doom and gloom continued for Ferrexpo, which dropped further into post-2009 low
territory on a 3.7% decline to below GBp 125.
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