EAVEX Weekly

January 29, 2018

Locally-listed Ukrainian equities last week continued their encouraging January pattern of fluctuating in a wide upward corridor. The news flow regarding Ukraine was neutral, as the most buzz was coming from the World Economic Forum in Switzerland, where there is an annual elite mini-conference on Ukrainian affairs. In an interview with Bloomberg Television, President Poroshenko said he expects that Kyiv will receive a new loan disbursement from the IMF, as Ukraine “has met 80%” of its commitments. However, we remain rather skeptical that the IMF will disburse the delayed tranche of USD 1.9bn unless Poroshenko delivers on key anti-corruption measures. The UX index edged up 0.7% over the week to close at 1437 points. UkrNafta (UNAF) was the most volatile stock over the week, slumping to as low at UAH 101 before recovering back to UAH 118, still a loss of 2.0%. In other Kyiv-listed blue-chips, CentrEnergo (CEEN) rose 3.9% to UAH 15.00 while Raiffeisen Bank Aval (BAVL) shed 0.3% to