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Ukraine stocks climb to highest since 2008

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Ukrainian shares rallied, pushing the benchmark stock index to its highest since June 11, 2008, after the International Monetary Fund said it would send staff to the country this week to discuss the 2010 state budget.
The PFTS equity index gained 20.33, or 2.5 percent, its biggest jump since March 9, to 839.68, bringing its advance for the year to 47 percent, the second-best performance of 93 equity indexes tracked by Bloomberg. Standard & Poor’s raised Ukraine’s foreign and local currency ratings on March 11 after Mykola Azarov was elected as prime minister.
The IMF suspended its $16.4 billion loan programme to the Ukraine in November after lawmakers were unable to commit to budget cuts to comply with the terms of the bailout. Azarov is aiming to present his budget by April and has said he “hopes” to resume IMF cooperation.
“Political stability and reduced sovereign risk attracted foreign capital inflow,” said Konstantin Lytvyn, an analyst at Kyiv-based Astrum Investment Management. “Still, the Ukrainian bourse is not very liquid and even a small increase shows a jump in terms of percentage points.”
Written by: Publisher Tuesday, 16 March 2010 18:14