ENMZ, AVDK Included into PFTS index

The PFTS, the main Ukrainian stock exchange reported that its benchmark PFTS index would be extended from 18 to 20 stocks by adding Enakievo Steel (ENMZ: BUY) and Avdiyivka Coke (AVDK: BUY) effective today. ENMZ’s weight in the index will be close to 3.8% while AVDK’s about 0.7%. The PFTS Index Committee revised the free float of DNEN from 23.96% to 5.72%, STIR from 17.875 to 9.61% and BAVL from 4.65% to 4.32%. Oleksandr Klymchuk: Positive. Both newcomers are mature stocks that showed notable improvement in liquidly over 2007. Enakievo’s current MCap is USD 968.1 mln, free float: 14.4%; average monthly trading volume over the last 6 months USD 13 mln, average bid-ask spread 0.7%. Avdiyivka has an MCap of USD 813.7 mln, 3.2% free float, monthly trading volume of USD 6.8 mln, average bid-ask spread of 2.0% over the last 6 months. Among the free float corrections, the most remarkable is the reduction in DNEN, which will decrease its weight in the Index from 11% to 4% (Concorde adjusted free float for DNEN as early as August 2007 following EGM that approved dilutive share issue).