Kyiv-listed stocks finished mixed last week, with most of the trading remaining in a low volume mode. The UX index declined by 1.7% to 1552 points, mainly due to a correction in Raiffeisen Bank Aval (BAVL) after the passage of the ex-rights date for its 6.90-kopeck dividend. The stock fell 6.5% to 29.00 kopecks. CentrEnergo (CEEN) climbed 0.7% to UAH 14.50 and UkrNafta (UNAF) was unchanged at UAH 104 per share.
In major Ukraine developments, there was a new proposal from the government to the IMF regarding terms of the long-delayed USD 1.9bn loan tranche. Kyiv asked for a compromise in the negotiations about natural gas prices, which envisages a package of steps, including monetization of subsidies, further liberalization of the gas market, and a discount from the single price of gas for household consumers. The IMF has been demanding that Ukrainian authorities to switch to economically justified prices for natural gas for households since the USD 17.5bn support programme for the country was approved in 2015.
In London, JKX Oil&Gas gained 1.7% to GBp 31.50 after the company reported an increase in output by 1.5% YoY in 1H18. Ferrexpo (FXPO) remained in its local downward trend, losing 5.8% to close at GBp 173. Low-liquidity MHP (MHPC) dipped below its strong support level of USD 13.00, declining by 3.0% for the week to USD 12.90.
In Warsaw trading, top liquid issue Kernel (KER) edged down by 0.7% to close at PLN 47.20 and Agroton (AGT) sank 2.4% to PLN 2.90.
The hryvnia had a zigzag performance over the week, falling as low as 26.50 UAH/USD before strengthening back to 26.30 UAH/USD after the National Bank stepped in, selling hard currency from its reserves. The NBU reported that its foreign reserves stood at USD 18.0bn at the beginning of July, a drop of USD 190mn (1.1%) from a month earlier.
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