EAVEX Weekly

June 11, 2019

Kyiv-listed stocks were under pressure last week, underperforming most of Ukraine’s emerging market peers. Low liquidity and lack of upbeat corporate news made local investors inactive despite quite attractive pricing levels. The PFTS index lost 1.9% to close at 554 points. Raiffeisen Bank Aval (BAVL) fell 3.2% to 30 kopecks on the nose, continuing to correct after the passage of the ex-rights date of May 23 for the stocks’s hefty dividend of 5.79 kopecks from FY18 profit. CentrEnergo (CEEN) dropped by 1.7% to UAH 11.80 after the Kyiv district court issued a ruling which temporarily blocks the State Property Fund from selling the state’s stake of 78% in the company. The court case was initiated by UkrDonInvest, which was one of two bidders for CentrEnergo at the cancelled auction in December 2018. The State Property Fund has filed an appeal on the court ruling, with the hearing scheduled for Jun 13. UkrNafta (UNAF) rose by 2.5% to UAH 164 per share, and has now increased by 22% sin