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Analytics and Market news

Monday, 10 June 2019

Ukraine Weekly Market Monitor

Eavex Capital

Kyiv-listed stocks were under pressure last week, underperforming most of Ukraine’s emerging market peers. Low liquidity and lack of upbeat corporate news made local investors inactive despite quite attractive pricing levels. The PFTS index lost 1.9% to close at 554 points. Raiffeisen Bank Aval (BAVL) fell 3.2% to 30 kopecks on the nose, continuing to correct after the passage of the ex-rights date of May 23 for the stocks’s hefty dividend of 5.79 kopecks from FY18 profit. CentrEnergo (CEEN) dropped by 1.7% to UAH 11.80 after the Kyiv district court issued a ruling which temporarily blocks the State Property Fund from selling the state’s stake of 78% in the company. The court case was initiated by UkrDonInvest, which was one of two bidders for CentrEnergo at the cancelled auction in December 2018. The State Property Fund has filed an appeal on the court ruling, with the hearing scheduled for Jun 13.   

UkrNafta (UNAF) rose by 2.5% to UAH 164 per share, and has now increased by 22% since the start of the year.    

In London trading, Ferrexpo (FXPO) jumped by 8.3% to GBp 249 per share while MHP (MHPC) fell 3.8% to USD 10.00. 

Warsaw-listed Kernel (KER) was turbulent, bouncing back after losses and climbing by 4.3% to PLN 48.80. The company reported that its management acquired additional shares after the stock approached PLN 46.00 level. Agroton (AGT) shed 1.8% to PLN 3.80 while Astarta (AST) gained 2.1% to PLN 24.10. 

On the interbank market, the hryvnia gained 1.4% against the dollar to 26.50 UAH/USD after the National Bank left its key rate unchanged at 17.50% at the monetary policy meeting on June 5. The NBU’s big drop in foreign currency reserves of USD 1.12bn to USD 19.4bn in May did not affect the market, with expectations having previously priced it in.

POLITICS AND ECONOMICS

- Opposition Bloc Re-Unites as Zelenskiy’s Party Leads Race

- MinFin Targets Reduction of Debt-to-GDP from 52% to 47% by End-2020

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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