EAVEX Weekly

January 03, 2018
 

The Ukrainian stock market ended 2017 on a firmly positive note, with Kyiv-listed equities enjoying a month-long “Santa Claus” December rally to bring the total gain for the UX index to a whopping 70% for the year (about 57% after adjusting for currency devaluation). Although the overall economic recovery in the country has remained below optimistic expectations, a rise in global prices for commodities have provided some confidence that Ukraine’s steel and agro sectors will perform well in 2018. The UX index added 1.9% in the short 3-day trading week ahead of the New Year holiday, closing at 1363 points, as the local market closed for the first time to observe the Western Christmas holiday on Monday (Dec 25). Motor Sich (MSICH) was the focus of traders’ attention, advancing by 2.0% to UAH 3700 and putting its rise for December at 14%. We believe that fears that the company could lose orders due to state restrictions on exports to Russia have faded away for now. Currently there are bri