Market comment

Обзоры рынка 17.05.2012 The WIG-Ukraine index fell further on Wednesday by another 2.2%. The decline was in line with emerging markets (MSCI EM -2.3%), which were plagued by concern of a Grexit (Greece exiting the Eurozone) and that Europe’s debt crisis would spread. Nine of the 10 WIG-Ukraine stocks posted losses, led by Agroton (AGT PW) -12.1%, which had its credit rating downgraded by S&P to CCC+ and replaced its auditor earlier this week. Meanwhile, the local UX index defied sentiment to rise 2.5% yesterday, with seven of 10 blue chips moving higher, though volumes remained thin. Basic materials and utilities names were behind the rebound, with Yenakiieve Steel (ENMZ UK) +7.7%, Azovstal (AZST UK) +4.9% and Donbasenergo (DOEN UK) +4.8%. In London trading, Ferrexpo (FXPO LN) continued to lose ground, falling 3.2% in yesterday’s session. Upcoming events 05/17/12 Kernel: 3Q FY12 Results Conference Call MHP: 1Q12 Results Conference Call Economy: Construction results for April 2012 Economy: Industrial production for April 2012 05/18/12 Bogdan Motors: 1Q12 Earnings 05/23/12 Coal Energy: Quarterly Report for 3Q FY12 05/24/12 Ferrexpo: AGM 05/29/12 Westa: Quarterly Report for 1Q12 05/31/12 Trigon Agri: Quarterly Report 1Q12