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Analytics and Market news

Monday, 18 June 2018

Ukraine Weekly Market Monitor

Eavex Capital

It was a highly volatile trading week on the Ukrainian Exchange due the UXs impending shutdown, which is effective as of today (Jun 18). Trading on the exchange, the countrys largest, is being suspended indefinitely due to a ban on the UXs operating software after Ukraines National Security & Defense Council (RNBO) imposed sanctions against software produced in Russia. Elevated trading activity last week was caused by the forced expiration of all outstanding futures and option contracts on Friday (Jun 15). We expect most of the liquidity in Kyiv-listed stocks to migrate from the UX trading platform to the countrys other trusted exchanges, namely the PFTS and Perspectiva, which also have equity sections. Trading will also continue to be conducted on the OTC market.     

The UX index gained 0.6% for the week to close at 1620 points. The six-month UX futures contracts for the mid-January-mid-June period expired at 1612 points. Raiffeisen Bank Aval (BAVL) performed in a U-turn pattern, closing 2.7% higher at 31.90 kopecks after being down by 6.5% at midweek.

UkrNafta (UNAF) remained near the technical support level of UAH 100 per share, with the stock immune to disappointing information that the company will not pay any dividend from its FY17 profit. There had been some hopes that the company would distribute UAH 6.15 per share from last years profit of UAH 8.19 per share.

Motor Sichs (MSICH) stock remained frozen for nearly a second full month with no announcement on when circulation might be resumed.

London-listed Ferrexpo (FXPO) failed to hold onto its recovery path, dropping 8.2% to GBp 205 per share, while MHP (MHPC) finished unchanged at USD 13.30. In Warsaw trading, Kernel (KER) fell 3.0% end at PLN 50 on the nose. 

On the currency market, the hryvnia declined by 0.6% to 26.30 UAH/USD amid overall strength in the dollar against the other world currencies after the Federal Reserve raised its key rate from 1.625% to 1.875% on Jun 13. The Fed signaled that two more additional increases will occur later this year.   


- Tymoshenko Tries to Re-Brand Herself in Major Policy Speech

- Ukraines Headline Consumer Inflation Slows to 11.7% YoY in May


-UkrNafta Declines to Pay Dividend to Minority Shareholders

full report

Eavex Capital welcomes any questions or comments you may have regarding our research products.
Please contact our office in Kyiv at 380-44-590-5454, or by email:

Alexander Klymchuk, Head of Sales, a.klymchuk@eavex.com.ua
Dmitry Churin, Head of Research, d.churin@eavex.com.ua

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