87
ÍÅÄÂÈÆÈÌÎÑÒÜ, ÁÈÇÍÅÑ, ÈÍÂÅÑÒÈÖÈÈ
by
RUSSIAN EMIRATES
andmutual funds). It is probable that stock of
the companies, which specializeonproviding
services tophysical persons, will beof greatest
demand. These arebanks and large retail chains.
Stock of Ukrainian companies is attractive to
foreign investors, as stableeconomics growth
rates (according togovernmental data, Ukrainian
real GDPgrowth rate in2004exceeded12%; in
2003-9.4%), newdirections of economicpolicy,
probable reforms (newgovernment elections
attracted attentionof foreign investors to
financialmarket of Ukraine, providedUkraine’s
Standard andPoor’s indexgrowth, influenced
increaseof demandof themost liquid
securities)will positively influence securities
market. Expansionof financial instruments list,
according towhich transactions at theorganized
market areheld (at theexpenseof VATbonds
and investment certificates); development of
municipal bond sector promote investment
attraction. Quantityof institutional investors
at the securitiesmarket is increased, including
pension funds and insurance companies (26non-
governmental funds are registered so far), which
create conditions for long-term investment
emergence at financialmarket. According to
results of the year, dividendswerepaidby the
groupof attractiveUkrainian investment
companies: Ukrtelecom, Zapadenergo,
Nizhnedneprovsky TubeRollingMill, Turboatom,
Krimsky SodaMill, Kievenergo, Dneproazot, etc.
Capitalizationof theorganized securitiesmarket
increasedby 2.1 times- up to147.3billionUAH in
2005. The largest capitalizationemitters are: OJSC
Krivoroshstal (16.02bln. UAH), OJSCUkrtelecom
(12.98bln. UAH), OJSCUkrnafta (11.21bln.UAH),
OJSCMariupolskyMetallurgical IljichGroupof
Enterprises (9.12bln. UAH) andOJSCAzovstal
(7.76bln.UAH).
3. Characteristicof themostattractive
investmententerprises
Stockmarket priceofmanyUkrainian
emitters increasedby 80% at theperiod from
2004 to thebeginningof 2006. Besides, assets of
manyUkrainianenterpriseswereunder-priced,
and althoughnow this under-price is not very
much significant, theseenterprises continue to
attract attentionof foreign investors. Hrynya rate
stabilizationpromotes increaseof theenterprises
market price.
PFTS index (containsmanyUkrainian
enterprises stock), which characterize securities
market trendof Ukraine, shows that for the
period from2004 to thebeginningof 2006
occurred significant stockpricegrowth, and also
significant trade volume increase.
Thebiggest stockpricegrowthwas observed
at theenterprises ofmetallurgical, chemical and
oil chemical industries, energetics,mechanical
engineering.
In the connectionof industrial branches, the
most trading stock at theorganizedmarketwas:
•
Stock of chemical andoil chemical
industry - 35.4%of the total volumeof stock
trades at the secondarymarket;
•
Stock ofmetallurgical industry –19.9%;
•
Energetics - 15,1%;
•
Coal industry –11.3%;
•
Connection–9.1%.
Bureauof Investment Technologies
company, havingextensiveexperience at the
securitiesmarket of Ukraine, carries out stock
transactions of largeUkrainianemitters. Among
them arenext enterprises (Stockpricedynamics
of theseenterprises is listed at thegraphbelow):
•
OJSCUkrnafta - transactionvolume in2004was590,000UAH,
annual return from stocks - 45%.
