Ukraine stocks rise on news of improved overseas markets

Business Materials 14 October 2008 17:46 (UTC +04:00)

Ukrainian stock prices rose on Tuesday on the strength of improved financial news and climbing share value outside the country, reported dpa.

Most of the country's energy and heavy industry stocks, a key indicator of the direction of the Ukrainian economy, were up some four to five per cent after work began at Ukraine's largest PFTS market.

"Our market is following what's happening abroad - in the US, Europe, Asia, and Russia," said Volodymyr Hrishchenko, a spokesman for the Diologue Ukraine trading house.

Trading was thin and the upward trend was not yet sustained, he cautioned.

Ukraine's government has stuggled to control market panic, closing the PFTS to all trading three times last week, twice for an entire day.

Ukrainian shares have plunged some 30 per cent since mid-September, with the market falling as much as 12 per cent in a single day, and some companies losing as much as 40 per cent of value in a single session.