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 8 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 476.0 18.45 1,687 461.2 7.42% 36.21% 167.0 8.06%
2 Centrenergo CEEN Utilities (Electricity Generation) 369,407,108 UAH 10.80 0.42 3,991 154.7 2.49% 21.70% 33.56 1.62%
3 DUPD DUPD LN Construction & Real Estate (Development) 109,361,515 GBP 5.08 0.20 16.54 21.55 0.35% 53.10% 11.44 0.55%
4 Ferrexpo FXPO LN Metals & Mining (Iron Ore) 588,624,142 GBP 76.12 2.95 1,333 1,737 27.94% 25.90% 449.8 21.72%
5 Industrial Milk Company IMC PW Food & Agriculture (Crop growing) 31,300,000 PLN 70.09 2.72 311.1 85.03 1.37% 31.30% 26.61 1.29%
6 JKX Oil & Gas JKX LN Oil & Gas 171,723,145 GBP 5.63 0.22 28.76 37.47 0.60% 22.35% 8.37 0.40%
7 Kernel Holding KER PW Food & Agriculture (Sunflower oil) 81,941,230 PLN 444.3 17.22 5,163 1,411 22.71% 61.87% 873.1 42.16%
8 MHP MHPC LI Food & Agriculture (Poultry) 106,781,794 USD 258.0 10.00 1,068 1,068 17.18% 36.60% 390.8 18.87%
9 Motor Sich MSICH Manufacturing (Aircraft engines) 2,077,990 UAH 2,442 94.65 5,074 196.7 3.16% 19.06% 37.49 1.81%
10 Ovostar Union OVO PW Food & Agriculture (Eggs) 6,000,000 PLN 773.5 29.98 658.2 179.9 2.89% 31.80% 57.21 2.76%
11 Raiffeisen Bank Aval BAVL Financials (Banking) 61,495,162,580 UAH 0.25 0.010 15,411 597.3 9.61% 1.70% 10.15 0.49%
12 Ukrnafta UNAF Oil & Gas 54,228,510 UAH 126.2 4.89 6,844 265.3 4.27% 2.00% 5.31 0.26%
  Total or Average              6,215  100%  33.32%  2,071  100%