KP-Dragon Index

The KP-Dragon Index was launched in August 2000 as a market capitalization-weighted index consisting of 10 most liquid Ukrainian stocks. We moved to free-float weightings in February 2003 after large-cap Ukrtelecom was added to the index. The KP-Dragon was expanded to 20 stocks in February 2006 to reflect the growing domestic market and the increased number of sufficiently liquid stocks, yet in 2015 the number of index stocks was cut to 15 names due to a lower market activity.

On June 1, 2011, we rebalanced the index to include a number of foreign-listed Ukrainian stocks and thus better reflect the entirety of Ukrainian equities traded locally and on European exchanges (in addition, this differentiated the KP-Dragon from other indices including Ukrainian stocks since the latter are linked to a particular exchange or country and calculated mostly in respective local currencies). The KP-Dragon index currently includes 6 foreign listed and 4 locally listed stocks.

At this point, we continue to calculate the index on a daily basis. For calculation purposes, we convert all closing prices from respective listing currencies (UAH, PLN, GBP) into U.S. dollars based on F/X rates at the time of exchange closing. In order to limit the impact of a particular stock on the index, we capped the maximum weighting at 15%, a widely accepted threshold. Weightings and index composition are revised every three months, on June 1, Sep. 1, Dec. 1 and Mar 1. The value for any given day equals the index’s total free float capitalization divided by the capitalization on May 5, 1997, multiplied by 1,000 and an adjusting coefficient.

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KP-DRAGON INDEX MEMBERS

# Company Code Sector Shares Outstanding Loc. FX Price Market capitalization Weight Free float Free float
Weight (%)
Local ($) (local m) ($m) (%) ($m)
1 Astarta Holding AST PW Food & Agriculture (Sugar) 25,000,000 PLN 379.4 13.95 1,253 348.7 5.44% 35.89% 125.1 6.09%
2 Centrenergo CEEN Utilities (Electricity Generation) 369,407,108 UAH 11.62 0.43 4,293 157.8 2.46% 21.70% 34.25 1.67%
3 Ferrexpo FXPO LN Metals & Mining (Iron Ore) 588,624,142 GBP 94.78 3.48 1,540 2,051 32.02% 25.90% 531.2 25.83%
4 Industrial Milk Company IMC PW Food & Agriculture (Crop growing) 33,178,000 PLN 92.74 3.41 406.4 113.1 1.77% 35.23% 39.85 1.94%
5 Kernel Holding KER PW Food & Agriculture (Sunflower oil) 81,941,230 PLN 382.1 14.05 4,136 1,151 17.97% 61.87% 712.2 34.63%
6 MHP MHPC LI Food & Agriculture (Poultry) 106,781,794 USD 312.8 11.50 1,228 1,228 19.17% 40.18% 493.4 23.99%
7 Motor Sich MSICH Manufacturing (Aircraft engines) 2,077,990 UAH 3,252 119.6 6,758 248.4 3.88% 19.06% 47.35 2.30%
8 Ovostar Union OVO PW Food & Agriculture (Eggs) 6,000,000 PLN 794.9 29.23 630.0 175.4 2.74% 32.07% 56.24 2.73%
9 Raiffeisen Bank Aval BAVL Financials (Banking) 61,495,162,580 UAH 0.29 0.01 17,649 648.9 10.13% 1.70% 11.03 0.54%
10 Ukrnafta UNAF Oil & Gas 54,228,510 UAH 142.5 5.24 7,728 284.1 4.43% 2.00% 5.68 0.28%
  Total or Average              6,407  100%  32.10%  2,056  100%