Ukrainian stocks rebounded on Tuesday (Sept 16) after Monday’s steep losses, which had been driven by aggressive index manipulation tactics ahead of the UX futures expiration. The UX index regained 2.5% of Monday’s 6% decline to close at 1086 points. General sentiments on the market were positive as the Ukrainian and EU parliaments simultaneously ratified their bilateral political/economic Association Agreement, a landmark document that will ratchet up ties between Kyiv and Brussels. Avdyivka Coke (AVDK) and CentrEnergo (CEEN) added 5.2% and 3.6% respectively, while Motor Sich (MSICH) rose 2.5% to UAH 2229 per share. Krukiv Wagon (KVBZ) finished its first trading session back in the UX index component basket with a rollicking gain of 7.4%. However, steelmaking blue chips Alchevsk (ALMK) and Yenakievo (ENMZ), both of which lost more than 10% on Monday, ended flat. In London, the main Ukrainian names MHP (MHP) and Ferrexpo (FXPO) rose by 0.4% and 1.7% respectively; Avangard (AVGR) was the biggest mover on a 3.4% decline. Astarta (AST) was the top performer in Warsaw, picking up 2.2% to PLN 37.40.
Fixed Income
Ukrainian sovereigns were down on Monday with Ukraine-23s dropping by 0.7p.p. to finish at 83.7/85.2 (10.4%/10.1%). The corporate universe also closed lower. MHP-15s and Avangardco-15s declined by 1.0p.p. ending at 96.0/97.0 (38.4%/31.3%) and 85.0/88.0 (41.1%/33.4%) respectively.
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