OREANDA-NEWS. April 30, 2010. UFC Capital released daily market view:

S&P downgrades problematic countries’ ratings. The Standard & Poor’s international rating agency downgraded Greece’s long-term sovereign rating by three positions, from BBB+ to BB+, which automatically deprives the country of an “investment” level rating. At the same time, the rating of Portugal was downgraded by two stages, from A+ to A-. This news had an extremely negative impact on European stock exchanges: in just one trading session, the consolidated European index lost over 3%. During Tuesday’s session in Portugal, indices lost about 5%, while in Greece they plunged 6-7%.

Equity market. During the Ukrainian trading day and on Europe’s largest stock exchanges and the RTS SE, strong bearish sentiment clearly prevailed. Meanwhile, the direction of the Ukrainska SE index was rather ambiguous. The indicator gaped down off the open, after which the “bulls” seriously overcame the “bears” for about an hour. Closer to noon, “sellers” became more persistent and, until the end of trading, the UX index reflected investors’ pessimism.

The Ukrainska SE index lost only 0.3%, failing to fully react to news about the downgrading of several European countries’ ratings. Overall, there were 3,249 transactions on the UX for a total of 78.5 mln hryvnia. On the order-driven market, the leader in terms of losses was Northern Mining (SGOK; SELL), which lost 3.0%. Pipe producers were among the growth leaders, with Khartsyzsk Tubes (HRTR; BUY) gaining 12.3% on news that Russia increased its quotas for importing Ukrainian pipes and information about the beginning of bidding for companies to supply pipes for Europe’s largest project – the Nabucco gas transmission pipeline.