Kyiv-listed stocks continued to rise last week amid overall growth momentum on global financial markets. The West’s main equity indices all rallied after the US Federal Reserve held off raising its key interest rate at its Wednesday (Sept 21) meeting. Among internal positive factors, there was news that Ukraine’s industrial production rose 3.4% YoY in August. Investors also noted developments in Eastern Ukraine, where pro-Russian separatists have agreed to pull back troops and weapons from several areas. The UX index advanced by 5.9% to close at 814 points on Friday (Sept 23). UkrNafta (UNAF) provided a major lift to the benchmark, in contrast to previous weeks, when the gauge had risen thanks to CentrEnergo (CEEN) and Raiffeisen Bank Aval (BAVL). The UNAF stock jumped 27% to UAH 125 after breaking through the UAH 100 resistance level. Less liquid DonbasEnergo (DOEN) was another strong performer over the week, adding 7.1% to UH 13.60. Motor Sich (MSICH) also moved up 2.8% to UAH 1890. London-listed Ferrexpo (FXPO) was a big winner last week, recovering much of its recently-lost territory with a 18% gain to GBp 81.50. In Warsaw trading, Kernel (KER) picked up 3.2% to PLN 63.00 while Astarta (AST) edged down 1.5% to PLN 52.10. The hryvnia failed to strengthen further after the preceding week’s boost from the IMF loan tranche. The currency lost 0.8% to close at 26.00 UAH/USD.
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