Valuable trillion
crisis differently affected the issue of securities in 2009 because of the need to increase the authorized capital, which was especially important for banks, the issue of shares has doubled compared with 2008 when this high cost of resources and defaults have led to that the issue of corporate bonds decreased threefold.
volume of share issues registered in 2009, the State Commission on Securities and Stock (SCS) performs at more than 102 billion UAH., whereas in 2008 this figure has not exceeded 46.5 billion UAH. Thus 61% of the total fell to banks, increase the authorized capital. This figure does not include an increase in the authorized capital stock exchange PFTS to 32 million UAH., Although a decision on this matter should have been taken until January 30.
December 24 last year, members of the Association of the PFTS, which owns 100% shares of the same name of the exchange, approved the increase in the authorized capital of OAO “PFTS Stock Exchange” to 32.01 million UAH. through additional private equity investment. The right to purchase 1,601 shares of additional issue was Russia”s Moscow Interbank Currency Exchange. As reported by member SSMSC Nicholas Burmaka, the commission has not yet adopted a decision on registration of capital increase PFTS, but the relevant documents received.
At the same time, he said, the PFTS Stock Exchange in 2009, took first place in the volume of shares traded. However, it is essentially surrendered the position in comparison with previous years: this site had 26% of the total trading volume. With slight lag for the PFTS Stock Exchange should be “Vista” and the three leaders of the Ukrainian Stock Exchange closes with a share of 22%. In this case, according to Nicholas Burmaka, taking into account all trading in financial instruments three leaders is the same but with a different distribution of shares: 39% of the total trading on the PFTS accounts for 32% - on “Perspective”, 9% - on the Ukrainian Stock Exchange.
total volume of trades in securities in 2009 reached $ 1 trillion. UAH., of which 37.59% were in action, while as of 1 January 2010 to exchange lists of holders of trade in 1472 included 804 securities issuers, 16 of whom are first-level quotation list of listing and 274 — second.
According to the regulator, for the eleven months of 2009 decreased the number of AO, in particular JSC - on 4,9%, JSC - on 4,4% and amounted to 9 618 and 20 359 respectively. In this case, according to Nicholas Burmaka, in accordance with the Law of Ukraine “On joint stock companies” on the basis of its statutes in 2009 resulted in about 150 joint stock companies, of which about 100 that previously existed as public companies, acquired the status of “public company” . The vast majority of companies that have re-registered the Charter - the banks. The remaining 50 companies - a company who previously worked in the status of the company and after re-charters have received the status of “private joint stock company. Member SSMSC reminded that all open and closed joint-stock companies are obliged to re-register as public or private till April 30, 2011
At the same time attract debtfd3capital stock companies in 2009 decreased threefold compared with a year earlier. Thus, over the past year they placed more than 200 bond issues totaling just 9.55 billion UAH., Whereas in 2008 - at 31, 35 billion UAH. Reduce the activity in the market of loans and municipalities: in the year SCSSM recorded all three issues of local bonds totaling $ 380 million UAH. From which the Lviv city council has attracted 300 million UAH., Donetsk - UAH 60 million., Lugansk - 20 million . UAH.
This is not surprising. “Yield Ukrainian sovereign and corporate bonds are still attractive. However, there remains concern about the low quality of corporate debt. This year, domestic enterprises are allowed more than 100 defaults, and this process is not about to end,” - said Tengiz Lashkhi, an investment analyst KUA ” Raiffeisen Aval. Agrees with him Dmitry Moshkalo, vice president of Foyil Securities. “The bond market is virtually frozen because of the past in this year”s defaults (including technical), as well as uncertainty in the macroeconomic indicators for next year that will directly influence inflation. The political uncertainty will not allow this market intensified in the first half of 2010 ” - Expert predicts.
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Analysis of the futures and options VTB
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Recommendations for market shares: LUKoil, Norilsk Nickel, Rostelecom, Gazprom, Mosenergo, Surgutneftegaz, Sberbank “
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