PFTS: Overdue A Correction

Our view that 2011 would see further upside for Ukraine's equity index, the PFTS, has served us well, seeing gains of over 10% since we last visited the bourse (see our online service, January 10, 'PFTS: Another Strong Year For Equities'). Going forward, we hold to our view that the index is poised for further upside this year, though caution that the rapid run-up indicates to us that the index could be overdue for a major correction in the near term.

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