Ukraine’s stock market authorities suspended trading in seven companies on Monday as investors got out of risky assets, unconvinced by worldwide efforts to shore up the banking sector.
The country’s largest but still nascent stock exchange, the PFTS has fallen 30% since the beginning of September when confidence in emerging markets, including Russia, ebbed away. It is down almost 70% since the start of the year, after rising over 130% in 2007.
The PFTS suspended Raiffeisen unit Bank Aval after a fall of 8%, energy firm Centrenergo after falling 10% and state-controlled energy firm Ukrnafta, down 14%. It also suspended trading in a coking factory, two metal firms and a machine building factory.
The PFTS changed its rules last month to allow suspension of individual stocks and not the entire index. Russian authorities suspended trade on the MICEX and RTS exchanges on Monday after the indices both dropped over 15%. (Reuters)