Local Ukrainian
stocks got pummeled last week, with the UX index crashing through the 600-point
support floor after news that the Metinvest metals & mining group intends to
de-list all of its main holdings from the exchange, including longtime blue chip
issues Azovstal (AZST) and Avdyivka Coke (AVDK). The index slumped 13.6% to
close at 547 points, a new all time low taking into account the UAH devaluation
factor. Quotes for Azovstal plummeted 20.9% to 20 kopecks and Avdyivka Coke fell
11.8% to UAH 1.01. Shares of national flagship oil company UkrNafta (UNAF) were
hit even harder, plunging 33% to near UAH 86 amid rumors of a scenario in which
the company could go bankrupt and curtail operations as a result of its
unresolved tax debts. Meanwhile, Motor Sich (MSICH) managed to finish almost
unchanged at UAH 1860 for the week. In second tier stocks, Krukiv Wagon (KVBZ)
slumped 16.4% to UAH 5.00 after the company reported that it had a UAH 417mn net
loss for FY15.
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