Stock Market Ratings

In terms of attractiveness of securities, Ukrnafta retained its leadership for the third quarter running (despite all organizational and economic disturbances). Interest in stocks of energy generating companies whose attractiveness ranks from second through sixth, is quite understandable; this sector still maintains export potential, although electrical power export volume decreased from 9.4% in 1990 to 2.5% in 1997 (it should be mentioned that Unified Energy Systems of Russia export 1.5% of generated power).

The fall of the Illich Combine (twentieth, down from 10-11th place in the previous quarter) and Azovstal Metallurgy (27th, down from 14th) out of the top 15 metallurgical enterprises was caused by a series of anti-dumping cases and limitations on metal imports imposed in the US, Canada, Latin-America, and Turkey.

There is stable interest to the Mykolaiv Aluminum Plant (encouraged, undoubtedly, by the Cabinet's order to the State Property Fund and Ministry of Industry to accelerate sale of the state's block of its stock), Khartsysk Rolled Metal and the Nyzhniodniprovsk Pipe Rolling (14th, 15th, and 16th positions respectively).

The Styrol and Rosava companies remain stable. The return of the Ukrrichflot Joint-Stock Shipping Company into the top  first ten companies was obviously assured by the successful opening of its being traded on the Vienna Stock Exchange. The experts also noticed the return of the Dniproshyna stock, which had been absent from the stock market for the previous six months. There is a possibility for Motor-Sich and Turboatom to further improve their ratings: in the last quarter they were rated in the top thirty, and are now following hard the heels of the leaders, ranking 18th and 19th respectively. Recently, the Motor-Sich and the Sumy's Frunze Plant won tenders for supplying engines to Iran, and negotiations are currently underway with Turkish partners.

The problems associated with Ukrtelekom and the terms of its expected privatization have reduced its rating. AvtoZAZ has come to a dead stop in the middle of tile rating list, although at the time of the poll production of Tavrias had not yet stopped.

The SINCOM, INECO, and Prospekt Investments have improved their positions in both ratings. Due to the efforts of the Lviv experts, the Rosan-Capital, Karpaty-Invest, and Rubin Co. have strengthened their positions.

For over a year, the rank of the registrars' leader, Energy-Register, has never dropped lower than second. Those trailing it (occupying from 2nd to 5th positions) is led by Privatbank.