Yearend a Time of High Activity 

Daily index. The high was registered at 22.53 points, the low at 18.65, the average, and December average 20.46 (up 1.49 compared to December). In general, the index was more or less predictable, its fluctuation decreased and it closed the year with a low of 16.52.

Trade volume. Total 1998 trade volume was Hr 322,080,367, including Hr 28,087,523 in December (8.72% of the year's total). Volume rose substantially over the preceding crisis months (for example, October volume was only Hr 7.841 million, while in November it was Hr 18.685 million), displaying increased brokerage activity during the last month of the year. Average monthly transaction volume compared with the annual and made Hr 1,221,197.

Structure of transactions. The volume of transactions in securities grew 33.92% in money in December (over November) but fell to 56.57% of total volume. I want to note that the number of issuers registered in transactions grew to 39. The increase of "energy emitters" is evident (all energy generating companies and seven energy supplying companies) which is usual during a slump. The largest transactions' volume was registered with Kyivenerho securities totaling over Hr 2.5 million or 8.92% of the whole turnover. The volume of transactions with domestic government bonds rose (83.22%) to Hr 8.541 million, which shows traders' intention to somehow save their money, because they do not have a chance to purchase hard currency on the exchange. Also, a flurry of activity with debts or in other words bills of exchange is evident - up to Hr 3.53 million (+63.72%.) Transactions in the long forgotten speculative compensation certificates totaled only Hr 124,648 or 0.44% on the threshold of their expiration.

Prediction. January is a very important starting point, a kind of barometer, determining the climate for the rest of the year. If the month ends with an increase, the year's results will be in the black. Analyzing technically the OTC Stock Trading System's index, we can conclude that the index is likely to rise slightly, though, unfortunately, it closed on December 31 with a slight fall (the index being at 21.56 points).