EAVEX Weekly

March 02, 2020

Kyiv-listed stocks were more or less immune to the sharp drop in global equity prices last week due to the isolation and low liquidity of the local market. However, most quotes were lower on corporate-specific events. In particular, shares of state-owned CentrEnergo (CEEN) dropped by 2.7% to UAH 8.85 after the government’s newly appointed management faced problems with accessing the company’s documents. The media reports said that the previous management had tried to hide evidence of large corruption schemes by physically blocking CentrEnergo’s head office. This situation once again highlights the ineffectiveness of state ownership in Ukraine. Raiffeisen Bank Aval (BAVL) shed 1.3% to 38.00 kopecks while DonbasEnergo (DOEN) and Krukiv Wagon (KVBZ) were unchanged at UAH 26.90 and UAH 15.60 respectively. UkrNafta (UNAF) corrected by 2.5% to UAH 158 amid the downturn in benchmark oil prices.