Market comment

Market comment



11 грудня 2014 года
Конкорд Капитал

Traders extended the week’s selloff of Ukrainian equities on Wednesday, Dec. 10. The WIG Ukraine Index of Warsaw-traded stocks dropped 0.9%, or 3.1% in three straight negative sessions. Its biggest component, grain trader and sunflower oil maker Kernel (KER PW -2.2%), has fallen 4.8% in three straight losing sessions. Coal Energy (CLE PW +4.1%) has risen 11.8% in three straight positive sessions. Outside the Index, natural gas explorer and producer Serinus Energy (SEN PW) declined 2.6%, or 21.8% this month.



In London, iron ore miner Ferrexpo (FXPO LN), plunged 7.9% to its lowest price since April 2009. Investors bottom-fished for JKX Oil & Gas (JKX LN +16.3%), which has jumped 29.5% in two sessions after crashing 60.7% in a six-session selloff. The Ukrainian Exchange (UX) Index of Kyiv-traded stocks declined 2.8%, extending its selloff to five straight sessions at a 7.5% drop. The biggest decliner has been Alchevsk Steel (ALMK UK -6.9%), which has plunged 19.5% in seven straight losing sessions to its lowest price since its UX debut in March 2009.



Investors massively sold off Ukrainian debt on Dec. 10 after an article appeared in the London-based Financial Times speculating on “a risk of collapse” of Ukraine’s economy. Shorter sovereign (UKRAIN) bonds lost more than 10% intraday, finishing the session at 7%-8% declines. The YTM of UKRAIN Sept. 2015 notes flew to 48% by the day’s end, from 35% the day before. Most corporate bonds followed this path though far more moderately, losing only 1%-6% in the session. The Ukrainian hryvnia was also in low demand, falling to a 15.7 UAH/USD exchange rate, or 4.3% in eight straight losing sessions. Intraday, the exchange rate neared a new historical threshold of 16.0 UAH/USD.

Источник: Конкорд Капитал

Аналитик: Максим Слободской
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