The
shoe was on the other foot on Tuesday (Jul 22) as local Ukrainian stocks were
sluggish while the main European indices racked up big gains after concerns
about new EU trade sanctions against Russia appeared to ease. The UX index
slipped 0.4% to close at 1258 points. Avdyivka Coke lost 7.5% to UAH 3.03 after
coming under artillery fire, presumably from pro-Russian paramilitary units, as
fighting intensified northwest of the city of Donetsk on Monday night. However,
we are unsure whether the drop in quotes for the issue represented actual
trading of shares, as the AVDK stock has flatlined within a narrow range for the
past 18 months on very low liquidity. Volume leader CentrEnergo was down 1.1% on
turnover of UAH 2.2mn and UkrNafta shed 1.2%, while Motor Sich finished in
marginally positive territory, edging up 0.3% to UAH 2521. In London, Ferrexpo
rose along with the FTSE 100, adding 2.5%, but top Warsaw-listed names Kernel
and Astarta were both lower by around 1.5%, with the latter ending at PLN
39.50.
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