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Market Comment
The PFTS Index shed another 1.6% on Wednesday, though relatively low trading volumes meant the drop was mainly technical. Expectations of solid 1H08 financial results from the most liquid domestic companies and potentially improved macroeconomic data from the State Statistics Committee could help the Index recover temporarily and distance itself from developed countries’ depreciating stock exchanges. Any potential stabilization will likely be short-lived, and a bearish mood should dominate the market until at least the fall. Yesterday’s trading session was marked by a general stabilization among actively traded stocks, the one exception being Enakievo Steel (+2.2%), which saw solid appreciation. Other names in the basket hovered around zero: Azovstal (-0.2%), Alchevsk Steel (-0.01%) and Centrenergo (+0.2%).

Today's Highlights
03.07.2008 In 1H08, Ukrainian iron makers increased iron concentrate output by 5-13% y-o-y, according to Interfax... more
03.07.2008 Coal output at Chervonoarmiyska Zakhidna Mine decreased by 5% to 2.8 mmt, while at Komsomolets Donbassa, output volume unexpectedly dropped by 8.5%... more
03.07.2008 According to company management, Luganskteplovoz’s monthly output jumped 33% m-o-m in June to UAH 133 mln ($27.4 mln), an increase of 300% in annual terms... more
03.07.2008 Azovmash’s 1H08 sales increased by 50% y-o-y to UAH 2.95 bln ($608 mln), equaling the company’s sales figures from 9M07... more
02.07.2008 Khartsyzsk Pipe Plant’s 1H08 pipe output decreased by 60% y-o-y to 130 kt, Interfax has reported. In addition, the pipe maker’s June production dropped by 50% m-o-m after it had increased by 25% in May... more
02.07.2008 Alchevsk Metal Plant increased rolled product output by 43% y-o-y in 1H08 and Enakievo Metal Plant showed an 11% y-o-y increase, according to Interfax... more
02.07.2008 United Aircraft Corporation (UAC), Ilyushin Finance Company (IFK), and Moskovia Aviation have successfully signed a $1.8 bln supply contract for 79 An-148 jets... more
02.07.2008 At a general meeting on June 27, shareholders of Warsaw-listed Astarta Holding N.V., one of the largest sugar producers in Ukraine, decided not to pay out dividends for 2007, instead allocating EUR 21.6 mln in net profits to retained earnings... more

Upcoming Events
04.07.2008
Alchevsk Metal Plant
Approval of 2007 financial results, income distribution, changes to the statute
16.07.2008
Kyivenergo
Approval of 2007 results, profit distribution, changes to statute and internal regulations, changes in board of directors, supervisory board and audit committee
31.07.2008
Khartsyzsk Pipe Plant
Approval of 2007 results, income distribution, changes to the statute
Ukrainian liquid stock universe 
02/07/2008
  Bid '%' Ask '%' MCAP
ALKZ 0,165 1,22% 0,182 12,06% 0 
ALMK 0,078 -0,1% 0,079 0,76% 842,8 
AVDK 3,545 -0,56% 3,574 0,28% 695,33 
AZGM 6,436 0,62% 6,931 8,36% 331,79 
AZOT 2,099 0% 2,772 32,08% 229,17 
AZST 0,871 0% 0,871 0% 4909,51 
BAVL 0,129 -2,11% 0,137 3,76% 2862,48 
CEEN 2,735 0% 2,76 0,94% 1020,42 
DNEN 359,406 1,11% 373,267 5,01% 1484,13 
DNON 69,307 0% 99,01 42,86% 653,05 
DNSH 10,099 -7,27% 12,673 16,36% 43,96 
DNSS 556,436 0,18% 584,158 5,17% 566,34 
DOEN 14,356 -0,68% 14,851 2,74% 350,68 
DOMZ 0,069 0% 0,099 42,86% 35,84 
DTRZ 76,238 2,12% 80,198 7,43% 80,2 
FORM 3,376 -10,26% 3,861 2,63% 227,5 
HANZ 0,05 -37,5% 0,208 162,5% 0 
HAON 0,95 -3,03% 1,178 20,2% 304,8 
HRTR 0,337 0% 0,505 50% 858,08 
KIEN 5,653 0,18% 5,842 3,51% 621,42 
KREN 1,01 0% 1,087 7,65% 188,42 
KSTL 3,267 10% 3,465 16,67% 14060,51 
LTPL 0,935 4,65% 0,96 7,54% 210,33 
LUAZ 0,162 0,61% 0,166 3,07% 139,22 
MMKI 0,792 0% 0,891 12,5% 2694,88 
MSICH 207,921 1,35% 208,911 1,83% 423,76 
MTBD 256,436 -0,38% 267,327 3,85% 160,4 
MZVM 14,654 1,37% 14,851 2,74% 222,77 
NAFP 3,069 0% 6,436 109,68% 41,19 
NITR 3,485 0,28% 3,562 2,51% 192,48 
NVTR 1,564 0% 1,782 13,92% 20,2 
PGOK 13,495 4,05% 14,059 8,4% 1616,83 
PGZK 1,663 -0,59% 1,693 1,18% 10964,54 
SFER 0,014 -1,13% 0,019 33,8% 202,55 
SHKD 1,962 0,61% 2,236 14,62% 749,6 
SLAV 0,475 3,9% 0,535 16,88% 98,02 
SMASH 6,05 1,83% 6,337 6,67% 446,39 
STIR 20,941 3,68% 21,168 4,8% 572,08 
SVGZ 4,95 0% 4,951 0% 6,38 
TATM 0,891 5,88% 0,921 9,41% 388,57 
UNAF 41,04 1,84% 41,98 4,18% 2245,54 
USCB 0,156 0,51% 0,162 4,33% 599,98 
UTEL 0,159 0,63% 0,164 3,44% 2966,5 
VIEN 59,406 0% 91,089 53,33% 343,47 
YASK 0,962 0,83% 1,012 6,02% 277,26 
ZACO 0,624 0% 1,089 74,6% 160,24 
ZAEN 72,723 0,62% 74,851 3,56% 937,82 
ZFER 0,457 0,22% 0,471 3,25% 903,5 
ZHEN 0,891 -8,16% 1,663 71,43% 206,02 
ZOEN 0,891 18,42% 1,683 123,68% 207,26 
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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