Kyiv-listed Ukrainian stocks rose on Thursday (Apr 10) but were mostly unable to keep pace with the sharply devaluing hryvnia, which followed up Wednesday’s 4% drop with a 6% decline yesterday, closing on the interbank exchange at another all-time low near 13 against the dollar and 18 against the euro. The plunge in the currency since mid-February has sent holders of UAH-denominated bank deposits scrambling to withdraw their money and also has decimated the owners of hryvnia-denominated government bonds. Externally, US equity markets sold off sharply with no obvious driver, indicating that investors are becoming concerned about high valuations. The UX index added 3.0% to end at 1132 points. Metinvest-controlled Avdyivka Coke and Yenakievo Steel were the top gainers, picking up more than 5% each, while volume leaders CentrEnergo and UkrNafta both rose by 3.7% on combined turnover of UAH 5.7mn. Raiffeisen Aval, which has seen its USD-denominated value decline by nearly 10% in the past two days, moved up 1.6% to 17.30 kopecks. In London, Ferrexpo fell 2.5% to GBp 151, while Kernel appreciated by 3.3% in Warsaw.
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