On Thursday, the Ukrainian stock market was again at the crossroads: on the one hand, the growth of world markets could have had a positive impact on stock dynamics; on the other, the UX Index’s tendency towards high volatility during the days of derivatives’ expiration could have deterred buyers. As a result, the second factor proved to be stronger than the first, and the market could not absorb the sale of shares of certain issuers without consequence, which is largely related to changes in the structure of the UX Index.
At the same time, the S&P 500 Index reached the 1,400-point mark even faster than we expected. Now, developed markets should encounter a period of complicated consolidation, since the U.S. market has gained more than 4% in the past seven trading sessions. This basically means that, if risky asset markets do not undergo a correction today, starting Monday on the Ukrainian market, there will, most likely, not be even nominal support coming from global platforms.
This morning, against the background of neutral external news, we can expect to see moderate growth for Ukrainian shares; however, without support from global markets, the margin of safety is on optimists’ side should quickly dissipate.
