Kyiv-listed stocks took a pounding on Monday (Sept 15) as large market players attempted to profit by pushing down the expiration value of the UX futures contracts. The price for the expiration is calculated as the average value of the UX index over the three hours before the market close. The UX index ended the day with a loss of 5.8% at 1060 points. The gamers concentrated on pushing down the UX’s lower-liquidity issues, including Azovstal (AZST UK), Alchevsk Steel (ALMK UK) and Yenakievo Steel (ENMZ UK), which each plunged by between 12% and 14%. The top liquid names also took substantial hits, with CentrEnergo (CEEN UK) and Motor Sich (MSICH UK) dropping by 5.4% and 3.2% respectively; however, UkrNafta (UNAF UK) emerged unscathed, finishing flat at UAH 319 per share. UkrSotsBank, which is being demoted from the UX basket due its lack of liquidity, celebrated its last day in the top tier with a 5.6% loss, while Krukiv Wagon (KVBZ UK), which is moving back into the UX basket after a 3-year absence, edged down 1.1% to UAH 15.70. In London, MHP (MHPC LI) advanced 2.9% to USD 12.60 while Ferrexpo (FXPO LN) inched lower by 0.7%. Warsaw-listed Ukrainian stocks were mixed, with Astarta (AST PW) retreating by 2.5%, while Kernel (KER PW) moved up 1.0% to PLN 25.20.
Fixed Income
Ukrainian sovereigns dropped on Monday with Ukraine-23s down by 1.3p.p. finishing at 84.4/85.9 (10.3%/10.0%). The corporate universe also closed in the red. UrklandFarming-18s declined by 2.3p.p. to 73.9/75.0 (21.9%/21.3%) and Avangardco-15s decreased by 1.0p.p. finishing at 85.0/90.0 (40.9%/29.0%).
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