Friday, 5 September 2008
Ukrainian Parliament splintered
Ukraine has returned to political theater and stocks were suspended today to prevent further falls. We are looking for a semblance of stability in order for the market to stabilise... but the fundamentals are now looking interesting. First half results are showing impressive top and bottom line growth.
Ukrainian Parliament splintered two nights ago with Yulia Timoshenko's block siding with Party of Regions in passing a legislation to reduce Presidential powers. In short, the rift was caused by an attempt to shift power more from the president to parliament as well as the tension caused by the Russia - Georgia conflict.
Impressive financials coupled with low valuations in a market down over 50%! Watch this space.