Market View

June 19, 2018

Fixed income: The sovereign curve was marked down practically in a vacuum yesterday, with no trades going through in the open market and very wide bid-ask spreads seen everywhere. Still, with the likes of Turkey and South Africa quoted 15-20bp wider, the market accepted lower levels without any substantial volumes traded. Quasi-sovereigns and corporates were also marked slightly lower despite remaining completely out of focus.

Equities: Local stock trading has moved to the PFTS after the UX exchange decided to suspend regular trading. Cautious demand in CEEN (+0.8%) and UNAF (+1%) helped offset a 1.4% loss in BAVL, with the PFTS index thus inching up by 0.1%. Abroad, selling pressure dominated, pushing Ukrainian stocks lower across the board: FXPO -1.2%, KER -1.1%, MHP -0.8%. We also saw a few prints in AST (-1.9%) and AVGR (-5.7%). As a result, the broader KP-Dragon index lost 1.1%. Red-colored global indices point to a weaker opening in Ukrainian names today.

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Name Close 1d, % 1m, % YTD, %
DAX 12,834 (1.36) (1.86) (0.65)
FTSE100 7,631 (0.03) (2.90) (0.73)
KP-Dragon 2,223 (1.14) (11.20) (0.16)
MICEX 2,223 (0.67) (4.72) 5.35
PFTS 463.5 0.14 (2.33) 47.11
S&P500 2,774 (0.21) 1.49 3.75
UX 1,621 0.00 (12.85) 18.89
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