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Analytics and Market news

Monday, 9 December 2019

Ukraine Weekly Market Monitor

Eavex Capital

Kyiv-listed Ukrainian stocks finished mostly higher last week, demonstrating some recovery after persistent selling pressure observed since late October. However, the PFTS index edged down by 0.1% to 510 points.

UkrNafta (UNAF) gained 1.4% to UAH 142 per share despite negative reports that the company’s LPG facility has excessive inventories due to the company’s inability to effectively sell the product. CentrEnergo (CEEN) returned back above the UAH 9 level, advancing by 2.2% to UAH 9.10 per share. Low-liquidity Krukiv Wagon (KVBZ) tumbled by 5.1% to UAH 15.60.

In London trading, Ferrexpo (FXPO) dropped by 3.9% to GBp 142 per share as risks of a higher production tax for iron ore in Ukraine become more visible. MHP (MHPC) once again tested the USD 9 line, closing at USD 8.94 on a 1.6% gain for the week. Regal Petroleum (RPT) fell 4.8% to GBp 23.80 as the company is unlikely to deliver a strong profit this year amid declining natural gas prices. 

Warsaw-listed Kernel (KER) shed 1.1% to PLN 41.20 and Astarta (AST) declined by 1.5% to PLN 16.10 amid a broad correction on European bourses. Sporadically-traded Agroton (AGT) gained 4.0% to PLN 3.68.   

The hryvnia rose by 1.1% against the dollar over the week to close at 23.70 UAH/USD, another fresh 3-year high. Meanwhile, the Executive Council of the National Bank has called the central bank’s formation and implementation of exchange rate policy in 2019 ineffective and not in line with the challenges of the development of Ukraine. The hryvnia has strengthened by 14% year-to-date, hurting the competitiveness of Ukrainian exports.

POLITICS AND ECONOMICS

- IMF Floats USD 5.5bn for Kyiv Ahead of Zelenskiy-Putin Meeting

- NBU Reserves Near USD 22bn, Highest Level Since July 2013

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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