Local Ukrainian
stocks traded higher during much of Monday’s (Mar 24) session before declining
in the last hour of activity to end mixed. Meanwhile, European shares were hit
hard in Frankfurt in Paris on fears of higher energy costs if European imports
of Russian oil and natural gas are reduced due to economic sanctions related to
the security situation in Ukraine. The UX index closed with a gain of 0.8% at
1035 points. DonbasEnergo was responsible for most of the benchmark’s rise,
adding 4.0%, and UkrNafta also picked up 2.3% to UAH 204. On the downside, Motor
Sich slipped 0.6% on turnover of UAH 750,000 and Alchevsk Steel fell 0.8% to
3.66 kopecks, representing a fresh all-time low for the issue in terms of its
USD-denominated value given this year’s sharp hryvnia devaluation. In London,
low-liquidity Avangard sold off by 6.0% to USD 9.13, and Ferrexpo fell 2.2%
after news that mineral resource tax rates in Ukraine could be raised in the
near term to increase budget revenues. In Warsaw trading, Astarta and Kernel
shed 1.9% and 1.6% respectively.
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