Ukrainian stocks fell to the lowest in almost three years as Europe’s sovereign-debt crisis worsens and global growth slows.
The benchmark Ukrainian Equities Index (UX) fell 4.8 percent to 932.22, the lowest level since July 2009, by the close in Kiev.
Finance ministers and central bank governors from the Group of Seven countries hold a call today to discuss the European debt crisis. Euro-area services and manufacturing output contracted at the fastest pace in almost three years in May, adding to signs the economy is suffering. Spain called for outside support for the first time to battle the financial crisis as Budget Minister Cristobal Montoro said European institutions should help shore up the nation’s lenders.
“Investors are in a bad mood because of the disappointing European data and because the Spanish minister called for more support for the Spanish banks,” Dmitry Churin, the head of research at Eavex Capital in Kiev, said by phone.
To contact the reporter on this story: Ksenia Galouchko in Moscow at email@example.com;
To contact the editor responsible for this story: Gavin Serkin at firstname.lastname@example.org