The sovereign was stuck between weak global markets and some investor demand for lower-priced long-end bonds. The curve closed unchanged, with some trading in the 34s and 35s closer to the offer side (19). A trade in decent size was reported in MHPSA 24s at 49, down 3pt vs. recent levels. It is hard to speculate about the reasons, the move could just be a reflection of relatively low liquidity in the corporate space.
The local UX index rose by 0.7% yesterday thanks to an 8.9% bounce in BAVL. Foreign-listed equities closed mixed: FXPO dropped by 3.1% to GBp 118 on a $1.2m volume, KER fell by 3.3% to PLN 17.4, AST inched 1.4% lower to PLN 21.7, while MHPC and IMC went up 3.7% and 1.2%, respectively. As a result, the KP-Dragon index ended the day 0.6% higher. With mixed global markets, we expect Ukrainian equities to trade sideways today.
| Ticker | Currency | Bid | Ask | Close | 1D, % |
|---|---|---|---|---|---|
| MLK PW | PLN | 0.802 | 0.864 | 0.864 | 4.6 |
| IMC PW | PLN | 16.9 | 17.4 | 17.15 | 1.8 |
| KSG PW | PLN | 2.25 | 2.26 | 2.25 | 0.2 |
| ENW LN | GBp | 23.4 | 24.0 | 23.4 | 0.0 |
| UTLM | UAH | _ | _ | _ | 0.0 |
| Ticker | Currency | Bid | Ask | Close | 1D, % |
|---|---|---|---|---|---|
| FXPO LN | GBp | 115.2 | 116.0 | 115.7 | -5.6 |
| KER PW | PLN | 17.84 | 18.0 | 17.9 | -0.5 |
| AST PW | PLN | 21.5 | 21.9 | 21.9 | -0.5 |
| ENW LN | GBp | 23.4 | 24.0 | 23.4 | 0.0 |
| UTLM | UAH | _ | _ | _ | 0.0 |
| 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 | 3719.04 | 1.97 | -7.73 | -21.97 |
| PFTS | 519.2 | 0.00 | 0.00 | -0.68 |
| DAX | 12010.4 | -1.42 | -6.85 | -24.39 |
| FTSE100 | 6880.26 | -1.79 | -7.37 | -6.83 |
| MICEX | 1974.84 | 0.56 | -14.00 | -47.86 |
| KP-Dragon | 1,064.97 | -1.12 | -10.36 | -57.23 |
| Name | Close | 1D, % | 1M, % | YTD, % |
|---|---|---|---|---|
| CDX.EM | 90.64998 | 0.00 | -0.16 | -5.52 |
| 5-year UST | 100.1640625 | 0.00 | 0.00 | 0.00 |
| 10-year UST | 91.0 | 0.00 | 0.00 | 0.00 |
| 6M USD LIBOR | 4.20814 | -0.89 | 17.99 | 1142.26 |
| 12M USD LIBOR | 4.85171 | -1.09 | 17.67 | 732.01 |
| Ukraine 22 | 34.0 | -6.85 | -31.31 | -65.79 |
| Ukraine 33 | 22.5 | -2.17 | 15.38 | -74.58 |
| Ukraine 24 | 27.0 | -3.70 | -18.75 | -73.84 |
| Ukraine 35 | 18.5 | -5.41 | -16.67 | -80.23 |
| Name | Close | 1D, % | 1M, % | YTD, % |
|---|---|---|---|---|
| UAH:USD (NBU) | 36.57 | 0.00 | 0.00 | -25.41 |
| UAH:EUR (NBU) | 34.97 | 0.81 | 4.52 | -11.58 |
| USD:GBP | 1.08 | -0.67 | -7.97 | -20.28 |
| USD:EUR | 0.96 | -0.59 | -3.69 | -15.17 |
| PLN:USD | 5.05 | -1.79 | -6.47 | -20.10 |
| Name | Close | 1D, % | 1M, % | YTD, % |
|---|---|---|---|---|
| WTI Crude Oil ($/bbl) | 82.15 | 4.65 | -11.72 | 6.70 |
| Corn ($/t) | 264.0 | 0.45 | 0.26 | 13.02 |
| Wheat ($/t) | 331.9 | 3.64 | 15.10 | 17.19 |
| Sugar ($/t) | 403.3 | 0.55 | -0.97 | -3.12 |
| DCUAHTOT | 101.3 | -0.44 | 1.19 | -3.76 |
| DCPI | 108.83 | 2.39 | -4.50 | 156.73 |
| Ticker | Currency | Bid | Ask | Close | 1D, % |
|---|---|---|---|---|---|
| AST PW | PLN | 21.50 | 21.90 | 21.90 | -0.45 |
| BAVL | UAH | 0.00 | 0.00 | 0.00 | 0.00 |
| CEEN | UAH | 0.00 | 0.00 | 0.00 | 0.00 |
| FXPO LN | GBp | 115.20 | 116.00 | 115.70 | -5.63 |
| IMC PW | PLN | 16.90 | 17.40 | 17.15 | 1.78 |
| KER PW | PLN | 17.84 | 18.00 | 17.90 | -0.50 |
| MHPC LI | USD | 3.58 | 3.75 | 3.58 | 0.00 |
| OVO PW | PLN | 55.50 | 55.50 | 55.50 | 0.00 |
| UNAF | UAH | 0.00 | 0.00 | 0.00 | 0.00 |
| Ticker | Currency | Bid | Ask | Close | 1D, % |
|---|---|---|---|---|---|
| MSICH | UAH | 0.00 | 0.00 | 0.00 | 0.00 |
| KSG PW | PLN | 2.25 | 2.26 | 2.25 | 0.22 |
| MLK PW | PLN | 0.80 | 0.86 | 0.86 | 4.64 |
| 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 |
| 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.
