Market Comment
Tuesday, July 26th, 2011: the Ukrainian stock market declined during the trading day: the UX index dropped 0.59% to close at 2340.77 points, PFTS index lost 0.10% to close at 908.8 points. Shares of metal and mining companies posted the biggest losses [ALMK -1.70%; AVDK -1.41%; ENMZ -1.25%]. The only stock to close in the green was Motor Sich [MSICH +0.19%].
The world’s major equity markets are mostly trending lower with deteriorating investor sentiment regarding the US debt ceiling problem ahead of the deadline to raise the limit on August, 1.
Trader’s perspective
A neutral external background has formed prior to the market opening. With no resolution in sight of the US borrowing limit, the markets will grow increasingly jittery with the approach of the deadline for raising the debt ceiling. Against this backdrop of uncertainty, we advise investors to adopt a wait-and-see stance, without taking neither short nor long positions.
