Ukrainian equities listed in Kyiv were lower on Wednesday (Dec 16)
despite the government’s promise take unified measures to unlock loans from the
IMF, after weeks of infighting among various factions strained the pro-Western
coalition and delayed the latest bailout tranche. The big test is whether there
are enough votes in Parliament to adopt a new tax code and a budget for 2016.
The UX index lost 1.1% to close at 680 points. Among the 10 index components
there were 8 losers. Alchevsk Steel (ALMK), which we must admit has no liquidity
at all, fell 10% to 1.08 kopecks. Meanwhile, heavyweight CentrEnergo (CEEN) rose
by 1.8% to UAH 4.63 per share after the Economics Ministry estimated the value
of the company at around USD 200mn, compared its current implied MCap of just
USD 73mn on the Ukrainian Exchange. On the currency front, the hryvnia was
little-changed at 23.50/23.70 UAH/USD on the interbank market. In London, the
problems of Ferrexpo (FXPO) remained in the spotlight as the stock fell 11.6% to
GBp 15.25 after recovering from an intra-day low all the way down at GBp 12.
Warsaw-listed Ukrainian stocks rose yesterday with Kernel (KER) adding 2.6% to
PLN 46.00 and Astarta (AST) climbing 2.2% to PLN 32.45.
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