Kyiv-listed
stocks ended notably lower for the second session in a row on Tuesday (May 19),
with the UX index declining by 1.4% to 1030 points. Resumed volatility on the
currency market discouraged investors from taking long positions. The official
NBU exchange rate surged 6.8% to 22.12 UAH/USD during the day, but it appears
that the hryvnia still has a chance to strengthen somewhat by the end of the
week, as the interbank rate closed at 21.20 UAH/USD. In the most actively traded
stocks, Motor Sich (MSICH) lost 2.2% and CentrEnergo (CEEN) slipped 0.9% to UAH
8.05 per share. On the upside, UkrNafta (UNAF) added 1.1% to UAH 270 after the
company claimed, rather questionably in our view, that its FY14 net profit was
UAH 4.5bn according to its tax accounting. As we reported earlier, UkrNafta had
posted net profit of just UAH 1.3bn for FY14 under IFRS accounting. In London,
Ferrexpo (FXPO) continued its downward momentum, sliding another 2.0% to GBp
71.75. Warsaw-listed Ukrainian issues were mixed, with Astarta (AST) edging down
0.7% to PLN 23.75 while Ovostar (OVO) reclaimed some of the ground lost in
Monday’s correction, adding 3.6% to PLN 80.
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