Kyiv-listed
stocks were little-changed on Thursday (Dec 10) during a subdued trading
session. The news flow was dominated by encouraging reports that the Cabinet of
Ministers and Parliament are open to compromise on tax legislation, signaling a
possible end to the standoff on tax reform. Both sides agree that the tax
amendments should achieve three goals: stimulate economic development, reduce
the tax pressure on business, and prevent a large budget deficit. It is crucial
for Parliament to pass the tax legislation by the end of the year, as the budget
for 2016 year must be based on the new tax rates. The UX index edged up by 0.3%
to close at 704 points. Azovstal (AZST) was the best performer, adding 1.0% to
42.60 kopecks. On the interbank currency market, the hryvnia was once again hit
by downside volatility, with the dollar sell rate rising 2.5% to 23.57 UAH/USD
on increased demand for foreign currency from importers. In London, Ferrexpo
(FXPO) resumed its sharp decline amid the latest iron ore rout after a one-day
pause, falling 5.4% to a new 7-year low of GBp 22.00. Warsaw-listed Agroton
(AGT) jumped 9.5% to PLN 1.04 on low volume, while Astarta (AST) lost 1.2% to
PLN 33.00.
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