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Analytics and Market news

Monday, 14 September 2020

Ukraine Weekly Market Monitor

Eavex Capital

Kyiv-listed equities finished lower last week, with the UX index losing 2.3% to close at 1290 points. UkrNafta (UNAF) dropped by 4.1% to UAH 118 per share amid a lack of public information about whether state-owned NaftoGaz has paid the agreed sum of UAH 30bn to UkrNafta as a part of a complex deal to resolve UkrNafta’s tax debt and related accrued penalties. The deadline for this payment was supposed to be the end of August. CentrEnergo (CEEN) fell 3.8% to UAH 5.00 and DonbassEnergo (DOEN) was unchanged at UAH 19.00. In second-tier stocks, railcar maker Krukiv Wagon (KVBZ) slipped by 2.6% to UAH 16.55.

In technical matters, the UX Index Committee made a decision to keep the gauge basket structure unchanged. The regular quarterly rebalancing of the stocks’ weight in the index will be conducted on Sept 16.

In economic-related news, the government announced that it is targeting a national budget deficit of 6% of GDP in 2021 after the expected deficit of 7.5% this year. The Finance Ministry is in the process of preparing the budget for presentation to Parliament.

In London trading, Ferrexpo (FXPO) advanced by 6.1% to GBp 188 while MHP (MHPC) edged down by 0.7% to USD 5.44. On the Warsaw Stock Exchange, Kernel (KER) picked up 0.8% to PLN 39.10 and Astarta (AST) rebounded by 7.2% to PLN 15.55 after the stock had tumbled by 10% over the preceding week.

On the interbank currency market, the hryvnia edged down by 0.6% to 27.96 UAH/USD. The National Bank reported that its foreign currency reserves had increased by about USD 250mn to reach USD 29.1bn as of 1 Sept 2020.

POLITICS AND ECONOMICS

- Poland Leading Opposition to Nord Stream after Navalniy Poisoning

- Ukraine Headline Inflation Stays Near All-Time Low at 2.5% in August

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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