The Ukrainian stock market executed a U-turn on Wednesday (Aug 26),
with the UX index reversing early losses of more than 1% to finish unchanged at
962 points. From the technical perspective, the index found strong intra-day
support at 950 points. UkrNafta (UNAF) added the most points to the benchmark,
rising 2.5% to UAH 258 per share, while CentrEnergo (CEEN) declined by 0.8% to
UAH 7.11, the issue’s lowest close in 6 months. On the interbank currency
market, the hryvnia strengthened considerably against the dollar, adding 4.4% to
close at bid/ask of 21.45/21.65 UAH/USD. We assume the news that the World Bank
approved a USD 500mn loan to Ukraine provided positive sentiment on the forex
market. In London, Ferrexpo (FXPO) recovered 1.7% to close at GBp 57.75, while
Avangard (AVGR) ended at another new all-time low of 70 cents after tumbling
12.5% for the session. Warsaw-listed Ukrainian stocks were mixed, with Astarta
(AST) rising 2.5% while Agroton (AGT) shed 4.8% to PLN 1 on the nose and Kernel
(KER) slid 3.6% to PLN 37.50, bringing its decline over the past week to nearly
15%.
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