EAVEX Weekly

May 04, 2017

Kyiv-listed stocks were pushed down last week after a highly-publicized search conducted by the Ukrainian Security Service (SBU) at the offices of the country’s largest securities brokerage firm. The surprise search was officially linked to Russian-made employee tracking software that the SBU said can be used for illegal spying purposes. The brokerage firm accused the SBU of acting at the behest of a top ally of President Poroshenko, Oleksandr Granovskiy, with whom the firm is engaged in a long-running dispute over the ownership of one of the country’s largest shopping malls. The incident received wide public discussion in the media, with Prime Minister Volodymir Groysman asking for a full explanation of the search. Trading on the Ukrainian Exchange was highly volatile ahead of the May holiday period, which sees Ukrainians receive two days off for Labor Day and another for Victory Day. The holidays will limit market liquidity until the second half of the month. The UX index finished th