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People put alot of stuff into the air for all sorts of reasons you will never know unless you ask them.
You are right that this is a UFO since its unidentified, but it most likely won't be anything extraterrestrial.
In my country there's a popular high tech kite recently, people call it the UFO kite. Basically its a remote controlled kite with tons of LEDs on it and you can make it float stationary at a very high altitude, I thought I saw a UFO when I first saw it from my place in the direction of the neighbourhood park.
Over the next few days I saw dozens of those UFOs and I decided to google about it and learnt that it was just the UFO kite. Very interesting and fun toy, I was quite relieved that there are people in my country who can come up with something nice.
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