Research

Welcome to our research portal. We provide comprehensive coverage on Ukrainian macroeconomics and politics as well as all major domestic industries such as metals and mining, agriculture, machine-building, fuel and energy, banking and others from both the equities and fixed income perspectives. 

Market View

  • Fixed income

    The sovereign was 50c lower, in line with general selling pressure in global markets. In the corporate space, DTEKOG was very well bid (55+), while a 54 print in METINV 26 suggested a slightly lower context there.

  • Equities

    It was a quiet day in the local market, while foreign-listed names were generally weaker. IMC dropped by 6.5% to PLN 14.5 on tiny turnover, FXPO slid by 5.2% to GBp 160 in $1.45m, KER lost 3.3% in $0.17m, and MHPC and AST were up 2.4% and 0.4%, respectively. As a result, the broader KP-Dragon index lost 2% on the day. As volatility prevails in global markets, we expect Ukrainian equities to trade sideways today.

Ticker Currency Bid Ask Close 1D, %
MLK PW PLN 0.89 0.896 0.896 4.5
MHPC LI USD 3.39 3.5 3.39 2.4
AST PW PLN 23.7 23.75 23.75 0.4
OVO PW PLN 41.6 42.0 42.0 0.0
MSICH UAH _ _ _ 0.0
Ticker Currency Bid Ask Close 1D, %
IMC PW PLN 14.55 14.85 14.55 -6.5
FXPO LN GBp 160.6 160.7 160.7 -5.2
ENW LN GBp 16.1 17.5 16.8 -4.0
KER PW PLN 18.61 18.67 18.67 -3.3
KSG PW PLN 2.16 2.17 2.16 -1.4
Ticker Currency Close 1D, % Volume
2 2 2 2.0 2
0.0
I I I 0.0 I
/ / / 0.0 /
Name Close 1D, % 1M, % YTD, %
SPX 4024.21 -1.14 4.81 4.81
PFTS 507.03 0.00 -2.34 -2.34
DAX 15126.08 -0.16 8.64 8.64
FTSE100 7784.87 0.25 4.47 4.47
MICEX 2204.41 0.69 2.33 2.33
KP-Dragon 1,169.34 -0.82 -0.22 -0.83
Name Close 1D, % 1M, % YTD, %
CDX.EM 94.79045 0.00 0.68 0.68
5-year UST 99.203125 0.00 0.00 0.00
10-year UST 104.71875 0.00 0.00 0.00
6M USD LIBOR 5.10229 0.00 -0.99 -0.71
12M USD LIBOR 5.31614 0.29 -2.35 -3.03
Ukraine 22 34.0 -6.85 -31.31 -65.79
Ukraine 33 22.5 -2.17 15.38 -74.58
Ukraine 24 24.0 -5.88 -7.69 -7.69
Ukraine 35 19.5 -7.14 0.00 0.00
Name Close 1D, % 1M, % YTD, %
UAH:USD (NBU) 36.57 0.00 0.00 0.00
UAH:EUR (NBU) 39.88 -0.32 -2.10 -2.10
USD:GBP 1.24 -0.11 2.52 2.21
USD:EUR 1.08 -0.10 1.74 1.33
PLN:USD 4.34 -0.08 0.84 0.73
Name Close 1D, % 1M, % YTD, %
WTI Crude Oil ($/bbl) 77.9 -2.23 -2.94 -2.94
Corn ($/t) 268.9 0.07 1.22 0.66
Wheat ($/t) 275.6 -0.33 -3.16 -5.30
Sugar ($/t) 462.2 1.35 3.15 4.59
DCUAHTOT 102.5 0.01 0.75 0.35
DCPI 140.04 -0.01 -0.23 -2.85
Ticker Currency Bid Ask Close 1D, %
AST PW PLN 23.70 23.75 23.75 0.42
BAVL UAH 0.00 0.00 0.00 0.00
CEEN UAH 0.00 0.00 0.00 0.00
FXPO LN GBp 160.60 160.70 160.70 -5.19
IMC PW PLN 14.55 14.85 14.55 -6.45
KER PW PLN 18.61 18.67 18.67 -3.26
MHPC LI USD 3.39 3.50 3.39 2.42
OVO PW PLN 41.60 42.00 42.00 0.00
Ticker Currency Bid Ask Close 1D, %
MLK PW PLN 0.89 0.90 0.90 4.55
DOEN UAH 0.00 0.00 0.00 0.00
KVBZ UAH 0.00 0.00 0.00 0.00
TATM UAH 0.00 0.00 0.00 0.00
UTLM UAH 0.00 0.00 0.00 0.00
MSICH UAH 0.00 0.00 0.00 0.00
KSG PW PLN 2.16 2.17 2.16 -1.37
Ticker Currency Bid Ask Close 1D, %

Notes:

*The Dragon Capital Terms of Trade Index (Bloomberg ticker: DCUAHTOT) measures the relative dynamics of key commodities exported and imported by Ukraine, including wheat, corn, sunflower oil, steel, iron ore, crude oil and natural gas. The index is set equal to 100 in the base year of 2019. Higher index values mean export prices outperform import prices, and vice versa. For more information, please refer to this research note (link) or contact your Dragon Capital contact person.

***Dragon Commodity Price Index (DCPI) is an equally weighted price index launched in 2007 to track tracks prices of all key commodities, which Ukraine either consumes or exports. The DCPI currently includes prices of wheat, sunflower oil, sugar, corn, natural gas, crude oil, hot rolled steel, iron ore and thermal coal. The DCPI is calculated on a daily basis from base level of one set for Dec. 31, 2000.

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