PFTS

With a global rout in equities the previous night and the Russian market collapsing
on its open, officials in Ukraine decided not to open the PFTS exchange for trading on
Wednesday. Opening indications in the trading systems for more liquid names
showed the PFTS was set for a much lower open, in some cases more than 10%.
In London trading, however, Ukrainian names took a massive leg lower. Ferrexpo
(LSE: FXPO) was down 17%, Dragon-Ukrainian Properties (LSE: DUPD) was off 10%
and XXI Century (LSE: XXIC) fell an incredible 46%. In FX markets a brief
intervention by the National Bank stopped the recent slide of the hryvnia, which
ended near the previous day's close.
While Moscow's MICEX had announced a close until Friday, it opened this morning
with significant gains. We expect Kyiv to open as normal at 11am.