On Friday the PFTS Index parted ways with global stock exchanges and advanced solidly (+1.3%) after overshooting its correction on Thursday. However, the positive showing is not expected to last long, as fears of a US recession, prolonged credit crunch and higher oil prices are still dominating markets worldwide. Emerging market economies are mainly concerned with the magnitude of the spill-over effect from the continued global uncertainty. The effect on emerging markets will be delayed, and as a result, investors have not been inspired by Ukrainian companies’ 1Q08 operating results, especially as expectations for the economy and the political situation in Ukraine are not improving.
Friday’s rebound was led by the same names that had powered the correction earlier last week   Enakievo Steel (+1.4%), Motor Sich (+0.6%), UkrAVTO (+1.8%) and Alchevsk Steel (+0.9%). Newcomers to the list of actively traded stocks included Avdiyivsky Coke (-1%) and Ukrtelecom (+1.1%).

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