Ukrainian stocks slumped across the board on Wednesday (Aug 13),
moving opposite to a rally on Western markets. Local traders continue to be
spooked by the fall in the hryvnia after rumors that the government is financing
the Donbass war with a large monetary emission. The UX index had its worst day
in 3 months, losing 2.9% to end at 1232 points. Yenakievo Steel led the decline
after reports that its main plant, located on the edge of the Donbass conflict
zone, has been shut down after coming under artillery fire; the issue lost 7.4%
to UAH 40 on the nose. The other two Metinvest-controlled blue chips, Azovstal
and Avdyivka Coke, were down by about 4.5% each, as was Alcehvsk Steel, which
fell to 3.39 kopecks. The decline in volume leader Motor Sich was relatively
less, but still substantial at 1.7% on turnover of UAH 4.8mn. In London,
Ukraine’s top independent gas extractors moved in opposite directions, with
Regal Petroleum sinking another 8.5% to GBp 4.88, while JKX Oil&Gas
rebounded by 6.5% to near GBp 43.
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