Ukrainian stocks started the new week in the red on Tuesday (May 12), with broad 1.5% declines on the main European bourses creating some negative sentiments for the local market. Meanwhile, an IMF mission began its work in Kyiv as part of the four-year Extended Fund Facility program review. If the program continues to go forward, Kyiv should receive three more tranches of some USD 1.6bn each in 2015, after the first tranche of USD 5bn provided in March. The UX index fell 1.4% to close at 1054 points. Volume leaders Motor Sich (MSICH) and CentrEnergo (CEEN) lost 1.4% and 1.6% respectively on combined turnover of UAH 2.6mn, while UkrNafta (UNAF) was in the black, rising 0.8% to UAH 274 per share. In second-tier stocks, UkrSotsBank (USCB) sufferend a loss of 13.5%, bringing it down to near 10 kopecks. In London, Ferrexpo (FXPO) dropped by 2.9% to GBp 76.00 while Regal Petroleum (RPT) regained 25% to GBp 4.75 after its 20% plunge a day earlier. Warsaw-listed Kernel (KER) moved down by 1.5% to PLN 35.30.
Fixed Income
Ukrainian sovereigns were down on Tuesday amid reportedly little progress in the restructuring of sovereign debt. Ukraine-23s dropped by 0.9p.p. to 48.5/49.8 (21.2%/20.6%). Сorporate names were sluggish. MHP-20s inched up by 0.2p.p. to 81.7/83.0 (13.5%/13.1%) while Metinvest-18s finished unchanged at 58.0/59.0 (33.1%/32.3%).
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