Security status of the capital market (stock market) of Ukraine under martial law

Abstract

The purpose of this article is to conduct a comprehensive study of the current functioning of the Ukrainian stock market under martial law and to identify the key factors influencing its resilience, adaptability, and recovery potential. The study analyzes structural changes in the stock market, trading dynamics of securities, investor confidence levels, and state regulatory policies aimed at ensuring the stability of market infrastructure. The focus is placed on identifying the main threats and constraints limiting the development of Ukraine's capital market in a time of crisis. The research methodology is based on general scientific and specialized methods, including analysis and synthesis, structural-functional approach, comparative analysis, and methods of induction and deduction. Econometric tools were applied to assess market indices, and official data from the National Securities and Stock Market Commission and the Ukrainian Exchange were also examined.

As a result of the study, it has been found that the war has led to a significant contraction in trading volumes, a decline in capitalization, and a narrowing of investment opportunities on the securities market. At the same time, some adaptation attempts are evident, such as the shift to digital mechanisms of service delivery, the emergence of new financial instruments, and the partial stabilization of institutional infrastructure. The increased role of the state in market regulation was also confirmed, particularly through moratoriums, restrictions on foreign asset transactions, and support for key market institutions. The conclusions substantiate the need for a comprehensive recovery strategy for the stock market after the end of hostilities. Key directions include modernization of the institutional environment, greater transparency of market information, expansion of investment instruments, and strengthening of international cooperation in the field of capital markets. The government’s strategic goal should be to ensure sustainable institutional development of the stock market as a crucial channel for mobilizing investment resources for national economic recovery.