The stock market is a place where companies raise capital by selling shares, and investors buy them hoping for returns. In Ukraine, this market allows trading of stocks and bonds. Trading occurs Monday through Friday on two main exchanges:
📊 PFTS (First Stock Trading System) – One of the largest exchanges, with the PFTS index tracking liquid stocks.
📈 Ukrainian Exchange – Founded in 2009, with the UX index and a variety of financial instruments.
Currently, PFTS remains one of Ukraine’s largest exchanges, while the Ukrainian Exchange pioneered direct market access and online trading. As of 2025, the market remains active, though with limited liquidity.
💵 Daily trading volume: $30–60 million.
PFTS offers two market types: order-driven (traders place buy/sell orders) and quote-driven (market makers provide prices).
🗂 Around 220 companies are listed on PFTS with a market cap of approx. $3.5 billion. It supports IPO auctions and operates via an electronic platform.
How the Ukrainian Exchange Works
The Ukrainian Exchange is an electronic system where companies raise capital and investors trade securities. It uses an order-driven mechanism and supports algorithmic trading and direct market access.
Despite this, the Ukrainian stock market faces serious challenges:
🔒 Since 2017, Russian trading software QUIK has been banned.
💣 The 2022 Russian invasion temporarily suspended operations.
🎯 Limited trading has resumed, mainly with military bonds.
📉 By 2025, trading volume is near zero, with currency swaps and bonds as the main instruments.
✅ The exchange retained its license after 2024 sanctions. Investing in Ukrainian stocks remains risky amid war, but also carries development potential.
Key listed companies:
Ukrainian Exchange: Raiffeisen Bank, Chernihivoblenergo, Farmak, Kyivmedpreparat, Staro-Kramatorsky Machinery Plant
PFTS: Ukrgasbank, Ukrnafta, Ukrtelecom, Zaporizhstal
Some companies trade on both platforms.
How to Invest via the Ukrainian Stock Market
Choose a licensed broker (check reputation, fees, tools).
Open a brokerage account (ID required).
Select assets (stocks, bonds) and define your risk profile.
Transfer funds and start trading via the broker’s platform.
Monitor performance and adjust your strategy regularly.
Warsaw Stock Exchange (WSE): Gateway to European Markets for Ukrainians 🇵🇱
WSE offers access to international markets and portfolio diversification.
Ukrainian Companies Listed on WSE
As of early 2025, several Ukrainian companies are traded on WSE. Kernel and Astarta, both in agriculture, raised significant investments, increasing international investor confidence.
📈 In February 2025, the WIG-Ukraine index rose by 15.29% following peace negotiation signals, showing renewed investor trust.
How to Invest via WSE
Find a Polish or international broker supporting WSE and non-residents (e.g. Freedom Finance Europe, Interactive Brokers).
Ensure broker communication is available in Ukrainian or Russian.
Open an investment account (passport, tax ID, proof of residence required).
Fund your account, considering fees and currency restrictions.
Research target companies’ financials and submit orders via broker platform.
⚠️ International investing involves currency risks and legal shifts. Consult financial advisors before making decisions.
Conclusion
The Warsaw Stock Exchange offers Ukrainian investors a unique opportunity to tap into European markets and invest in leading Ukrainian companies with international visibility. With positive WIG-Ukraine trends, now may be a favorable time to explore such investments—cautiously and with professional guidance.