Market comment

Обзоры рынка 05.07.2012 The Ukrainian Exchange snapped a three day rally on Wednesday as investors flipped back into risk-on mode as worse-than-expected economic data from Europe trumped expectations of an ECB rate cut today. Nine of 10 local blue chips fell, sending the UX index down 3.2%. The decline tied the Bucharest Stock Exchange’s loss yesterday for steepest in Europe (according to Bloomberg) and was significantly worse than both the benchmark MSCI Europe (+1.0%) and MSCI Frontier Markets (+0.0%) indices. In Warsaw, the WIG-Ukraine index finished off 0.4%, led by losses in Coal Energy (CLE PW) -6.4% and KSG Agro (KSG PW) -4.9%. Overall, six of the 10 components of the WIG-Ukraine index lost ground yesterday. In London, a couple Ukrainian stocks continued to move higher, including Regal Petroleum (RPT LN) +5.5% and JKX Oil & Gas (JKX LN) +4.6%.