EAVEX Weekly

August 20, 2018

Ukrainian equities were mostly inactive last week as the traditional mid-August vacation period led to a drying up of Kyiv-listed stocks’ liquidity. News that the IMF monitoring mission is due to arrive in Ukraine on Sept 6 raised expectations that the Fund will release its long-delayed USD 1.9bn loan tranche to the country, but it had no impact on the equity market. Official data that Ukraine’s GDP grew by 3.6% YoY in 2Q18 was also ignored by traders. Ukraine’s economy has now seen growth for 10 consecutive quarters, recovering from the crisis period of 2014-2015 amid the active phase of the Donbass war. The UX index added 0.8% last week to close at 1633 points. CentrEnergo (CEEN) gained 1.3% to UAH 15.00 while its close peer DonbasEnergo (DOEN) fell 1.0% to UAH 23.50. UkrNafta (UNAF) climbed 0.9% to UAH 112 and Raiffeisen Bank Aval (BAVL) was essentially unchanged at 31.90 kopecks. TurboAtom (TATM) dropped by 3.9% to UAH 13.90 per share.