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Market Comment
The PFTS Index grew once again on Wednesday (+0.65%). The Index is continuing its rally, but the trend has to be broken at some point. We believe that time is on the horizon, after which a period of high volatility is expected on the PFTS. Market participants have once again begun following international stock market trends more closely, particularly in the US and Russia. Decent US inflation data and a new high by the RTS will allow the Ukrainian stock market rally to continue for a short while. Apart from names familiar to us this month like Azovstal (+2.2%), Enakievo Metals Plant (+2.2%), Ukrtelecom (+2.7%), Bank Aval (+2%) and Motor Sich (+0.1%), we saw the re-emergence of active trading in many popular names from last month. Coal mine Chervonoarmiyska Zakhidna (+2.5%), Novomoskovsky Pipe Plant (+4.8%), Avdiyivsky Coke (+6.6%) and Sumy Frunze (+8.7%) all appreciated solidly. Of the four GenCos, only Zakhidenergo (+1.1%) managed to climb, while Centrenergo (-1.4%), Dniproenergo (-0.8%) and Donbasenergo (-2%) fell. Along with LuAZ (-1.3%) the three GenCos were pretty much the only stocks in which supply exceeded demand yesterday.

Today's Highlights
15.05.2008 Yesterday, the State Property Fund (SPF), headed by BYuT-loyal Andriy Portnov whose legitimacy as SPF head is questionable, gave in to privatization pressures by making a prudent decision to postpone the sale of government stakes in six DisCos... more
15.05.2008 The global rating agency Fitch Ratings has revised its outlook on nine Ukrainian banks from “Positive” to “Stable.”... more
15.05.2008 At its AGM yesterday, Ukrsotsbank shareholders voted to increase the bank’s share capital by 4.9%, or 500 mln shares, to 10,700 mln total shares in an additional share issue. more
15.05.2008 Nadra Bank has decided to hold a vote on an additional share issue at its AGM on May 27... more
14.05.2008 Cumulative 4M08 industrial output growth improved to 8%, up from the 7.8% reported in 3M08... more
14.05.2008 Cumulative 4M08 industrial output growth improved to 8%, up from the 7.8% reported in 3M08... more
14.05.2008 The short-term liquidity crisis and the subsequent rise in lending rates have not impacted negatively on banks’ earnings as they benefited from higher net interest margins and increased their earnings by a solid 70% y-o-y in 4M08... more
14.05.2008 Interfax has reported that a municipal court in Svitlovodsk, Kirovohrad region, has prohibited the Ukrainian Interbank Currency Stock Exchange (UICSE) from conducting the privatization auction of Poltavaoblenergo (POON), which had been scheduled for May 14... more
14.05.2008 Raiffeisen Bank Aval and Ukrsotsbank, the two largest Ukrainian banks, will receive $190 mln in loans from the European Bank for Reconstruction and Development... more

Upcoming Events
21.05.2008
Sumyoblenergo
Reports of the executive board, supervisory board and audit committee, approval of 2003-2007 financial results, profit distribution, changes to supervisory board
29.05.2008
Yasynivsky Coke Plant
2007 financial and operation results, income distrubution, changes to the statute
29.05.2008
Poltavsky GOK
2007 results approval, income and dividend distribution, changes to the statute
29.05.2008
Prykarpattiaoblenergo
Reports of executive board, supervisory board and audit committee, approval of 2007 financial results, profit allocation, establishment of subsidiary, approval of its statute, changes to boards
30.05.2008
Kirovogradoblenergo
Reports of the executive board, supervisory board and audit committee, approval of 2007 financial results, profit distribution, changes to chairmen of boards, changes to statute
06.06.2008
Mariupol Metals Plant
2007 results approval, changes to the statute
06.06.2008
Zaporizhstal
2007 results approval, profit distribution, dividends approval
12.06.2008
Mittal Steel Kryviy Rih
2007 results approval, profit (dividends) distribution
18.06.2008
Dniproenergo
Approval of 2007 results, profit distribution, changes to statute and internal regulations; changes in board of directors, supervisory board and audit committee
Ukrainian liquid stock universe 
14/05/2008
  Bid '%' Ask '%' MCAP
ALKZ 0,198 0,1% 0,206 4% 596,44 
ALMK 0,101 2,99% 0,101 3,02% 1093,5 
AVDK 3,871 6,25% 3,941 8,15% 766,4 
AZGM 9,604 2% 9,832 4,42% 462,55 
AZOT 1,98 0% 2,376 20% 194,87 
AZST 1,045 2,33% 1,047 2,52% 5890,3 
BAVL 0,183 3,07% 0,183 3,35% 3833,23 
CEEN 4,139 -1,65% 4,208 0% 1547,09 
DNEN 376,238 -0,52% 386,139 2,09% 1515,21 
DNON 112,871 0% 141,584 25,44% 700,54 
DNSH 15,05 1,32% 16,337 9,99% 48,12 
DNSS 816,832 0,61% 837,624 3,17% 831,68 
DOEN 23,861 -1,63% 24,158 -0,41% 573,55 
DOMZ 0,093 -0,84% 0,119 26,32% 34,41 
DTRZ 97,03 2,08% 102,97 8,33% 103,96 
FORM 5,545 0% 5,653 1,96% 350,47 
HANZ 0,103 0% 0,149 44,23% 0 
HAON 1,644 3,75% 2,257 42,5% 533,4 
HRTR 0,426 0% 0,594 39,53% 0 
KIEN 6,257 1,94% 6,535 6,45% 728,75 
KREN 1,723 0% 1,861 8,05% 0 
KSTL 3,624 4,57% 3,644 5,14% 13831,27 
LTPL 1,24 2,45% 1,267 4,75% 277,54 
LUAZ 0,202 -0,68% 0,204 0,29% 169,7 
MMKI 1,15 -1,53% 1,188 1,69% 3982,57 
MSICH 265,743 0,45% 267,525 1,12% 534,65 
MTBD 356,436 2,56% 361,386 3,99% 218,02 
MZVM 23,317 1,51% 23,436 2,03% 352,72 
NAFP 3,069 0% 9,901 222,58% 0 
NITR 32,752 0% 32,752 0% 1768,63 
NVTR 29,01 5,32% 29,505 7,12% 349,31 
PGOK 18,267 0,27% 18,416 1,09% 2099,6 
PGZK 1,596 0,12% 1,648 3,35% 10544,29 
SFER 0,026 1,88% 0,027 7,76% 321,7 
SHKD 2,614 3,94% 2,693 7,09% 895,54 
SLAV 0,624 5% 0,673 13,33% 133,31 
SMASH 8,455 9,77% 8,594 11,57% 604,55 
STIR 23,881 -0,17% 24,119 0,83% 650,67 
SVGZ 8,952 -0,11% 9 0,42% 10,37 
TATM 0,891 0% 0,911 2,22% 384,4 
UNAF 59,802 0,17% 60,198 0,83% 3240 
USCB 0,207 1,95% 0,21 3,41% 768,56 
UTEL 0,191 3,65% 0,191 3,74% 3578,33 
VIEN 89,109 0% 109,901 23,33% 423,2 
YASK 1,24 0,16% 1,257 1,6% 344,53 
ZACO 0,99 0% 1,475 49% 188,51 
ZAEN 90,099 1% 90,495 1,44% 1158,34 
ZFER 0,465 0,43% 0,489 5,56% 937,67 
ZHEN 1,584 -3,03% 1,782 9,09% 229,05 
ZOEN 1,307 0% 1,743 33,33% 209,73 
Source: PFTS (www.pfts.com), Alfa Capital Research
Ukrainian Equity Market 
KAC-20  $ mln
Ukrainian government bonds vs. U.S. treasuries 
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