As the first half of 2008 came to a close last week, the PFTS Index lost 2% to reach its lowest point in 2008, a level not seen since mid-April 2007. High oil and gas prices, continued US stagnation fears and political instability in Ukraine are fueling the domestic pessimism, and a second half market rebound is doubtful. Negative expectations are still lingering, and we expect the market to continue its decline at least until the end of summer.
The stocks that have frequently been hit by the lasting correction were hit once again on Friday   Enakievo Steel (-1.2%), Centrenergo (-1.2%), Ukrnafta (-2.1%), Motor Sich (-1.2%), Alchevsk steel (-2%) and Azovstal (-1.3%) led the decline by virtue of their liquidity.

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