Locally listed Ukrainian equities declined on Wednesday (Apr 8), with
the UX index edging down by 0.5% to close at 1032 points. Although the day’s
news flow was neutral, market players were not in a hurry to buy significantly
undervalued Ukrainian assets. In our view, the current high interest rates in
the country are giving retail investors little incentive to increase their long
positions, as banks are offering up to 25% deposit rates in hryvnia. Among
actively traded stocks, Motor Sich (MSICH) shed 0.8% on turnover of UAH 3.1mn
and CentrEnergo (CEEN) slipped 0.2% to UAH 8 on the nose. Low-liquidity Avdyivka
Coke (AVDK) rose 1.3% to UAH 1.40. In second-division stocks, UkrTelecom (UTLM)
continued its rally, advancing by 5.0% after a surge of 18% a day earlier.
DniproEnergo (DNEN) gained 6.5% to UAH 543, covering the previous day’s loss. In
London, both Ferrexpo (FXPO) and MHP (MHPC) were higher, adding 2.3% and 3.3%
respectively, with the latter closing at USD 10.85. Warsaw-listed Kernel (KER)
climbed 2.5% to PLN 39.00 and Astarta (AST) jumped 7.2% to PLN 23.50.
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