EAVEX Weekly

January 17, 2017

Kyiv-listed stocks rallied last week, although the gains were only enough for USD-based valuations to tread water amid the slippage of the hryvnia. Local traders were pleased by the NBU’s business activity survey, which suggested that Ukraine’s economy is gaining momentum. The report said that business significantly improved it expectations regarding volumes of goods and services production in 2017. A separate source for optimism was an expectation that the US policy toward Ukraine will remain broadly supportive despite the initial jitters following Donald Trump’s election in November. Concerns over the Russia-friendly outlook of likely top US diplomat Rex Tillerson have also eased somewhat, following his comments in line with mainstream Republican party rhetoric in regard to Russia and Ukraine made during his Senate confirmation hearing on Jan 11.