Ukrainian stocks declined on Wednesday (Mar 25) after Moody’s
downgraded Ukraine’s sovereign debt rating to Ca from Caa3, just one notch above
default. The agency reiterated its negative outlook for the country. The UX
index lost 0.7% to close at 1047 points. Raiffeisen Aval (BAVL) was the
hardest-hit blue chip, falling 2.6% to 9.80 kopecks per share. Motor Sich
(MSICH) retreated by 1.4% to UAH 2722, and CentrEnergo (CEEN) shed 0.8%; news
appeared that the state-controlled company could decide to shut down its power
units running on anthracite coal, as current electricity tariffs paid by the
government reportedly do not cover the cost of production. On the upside,
recently re-started Yenakievo Steel (ENMZ) added 5.3% to UAH 18.80. In London,
Ferrexpo (FXPO) gained 4.6% while JKX Oil&Gas (JKX) dropped by 5.3% to GBp
31.50. In Warsaw, Kernel (KER) and Astarta (AST) slipped by 1.3% and 1.6%
respectively, with the latter ending at PLN 22.10.
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