The weekly trading on BSE closed again on negative territory for considerable part of traded positions. Most considerable drop was demonstrated by large index BG40, which lost 23,43 points of its value and closed the business after exchange session in Friday at the level of 400.12 points, demonstrating a drop by 5.53% as compared with previous week trading.
SOFIX and BGTR30 reported a decrease by little below of 2% for the week, and during the exchange session in Wednesday and Thursday attempts were made to recover part of its positions by closing the business on positive territory, but on Friday closing of business they were on negative again.
The strongest exchange day for BGREIT was on Wednesday, when it accumulated almost 2% growth, but up to Friday the same decreased and business was closed with slight growth by 0.57%.
Data about the trade on the Bulgarian Stock exchange for the period 25.01-01.02.2008
| market segment | Volume | Value(BGN) |
| Unofficial share market Segment A | 8 555 000 | 58 204 800.45 |
| Unofficial share market Segment B | 51 511 | 216 749.26 |
| Unofficial market, Other Securities | 2 226 723 | 630 085.70 |
| Unofficial Bonds market | 2 821 | 4 071 803.82 |
| Official share market Segment A | 184 156 | 1 581 031.11 |
| Official share market Segment B | 1 889 668 | 36 469 335.18 |
| Official Corporate Bonds market | 385 | 671 257.68 |
| Compensatory market | 1 009 022 | 406 771.77 |
| Other | 150 000 | 849 813.04 |
| TOTAL | 14 069 286 | 103 101 648.01 |
| Previous week | Current week | |||
| 28.1.2008 | 01.2.2008 | Changes | % | |
| SOFIX | 1402.76 | 1377.59 | -25.17 | -1.79 |
| BG40 | 423.55 | 400.12 | -23.43 | -5.53 |
| BG TR30 | 909.65 | 895.52 | -14.13 | -1.55 |
| BG REIT | 99.4 | 99.97 | 0.57 | 0.57 |
Changes in the indices on the Bulgarian Stock exchange for the reviewed period
SOFIX 28.01-01.02.2008
| Date | Value | Changes | Turnover |
| 01.2.2008 | 1377.59 | -1.83% | 4160297.14 |
| 31.1.2008 | 1403.3 | 2.88% | 7986174.61 |
| 30.1.2008 | 1363.97 | 0.68% | 5135115.48 |
| 29.1.2008 | 1354.75 | -1.39% | 2200648.98 |
| 28.1.2008 | 1373.81 | -2.06% | 1386239.02 |
BG40 28.01-01.02.2008
| Date | Value | Changes | Turnover |
| 01.2.2008 | 400.12 | -2.56% | 3736263.55 |
| 31.1.2008 | 410.64 | 1.45% | 7639693.59 |
| 30.1.2008 | 404.76 | 0.35% | 12265496.02 |
| 29.1.2008 | 403.34 | -1.24% | 2396625.06 |
| 28.1.2008 | 408.42 | -3.57% | 1378144.34 |
BG TR30 21-25.01.2008
| Date | Value | Changes |
| 01.2.2008 | 895.52 | -0.66% |
| 31.1.2008 | 901.45 | 1.18% |
| 30.1.2008 | 890.97 | 1.11% |
| 29.1.2008 | 881.21 | -0.91% |
| 28.1.2008 | 889.32 | -2.23% |
BG REIT 21-25.01.2008
| Date | Value | Changes |
| 01.2.2008 | 99.97 | 0.38% |
| 31.1.2008 | 99.59 | -0.42% |
| 30.1.2008 | 100.01 | 1.76% |
| 29.1.2008 | 98.28 | -0.21% |
| 28.1.2008 | 98.49 | -0.92% |
SOFIX (chart)
BG40 (chart)
BG TR30 (chart)
BG REIT (chart)
Winners (table)
Losers (table)
The investor operations continue to show cautious approach, not meeting preliminary expectations that the published non-consolidated financial reports would influence their intentions for activation of trading. Unclear situation of global financial markets is continuing to exert its negative impact. The agency Fitch Ratings revised its outlook on long-term credits in foreign and local currency for Bulgaria from „stable“to „negative“.
Among the companies, which lost significant part interms of value are the securities of Bulgarska Roza-Sevtopolis AD-Kazanlak /SEVTO/. The business was closed very negatively after the shares have lost almost ¼ of its value. There were traded 53 350 shares, at average price of BGN 2.21 and capitalization of BGN 117 779. The securities of Polimeri AD-Devnya /POLIM/ were also among companies that decreased the price of its shares – a drop by 11.47% , както и тези на Industrial Holding Bulgaria AD -Sofia /IHLBL/ with drop by 10.69%.
Despite the negativemoves on exchange floor the securities of Monbat AD - Sofia /MONBAT/ have introduced some agitation, by increase of its prices and investor have exchanged their securities at prices above BGN 27.30. Last week the company published its financial reports and reported a net profit growth for year 2007 by 120% up to BGN 19,43 million.
For the investors were successful also the securities of Plovdiv-Yuriy Gagarin BT AD-Plovdiv /GAGBT/ with growth by 5.18% and the ones of Bulgarian Holding company AD-Sofia /BHC/ + 5.96%.
From the special purpose vehicles BenchMark Fund Property REIT-Sofia /BMREIT/ has added 5.09%, but on the negative territory has remained Park REIT-Sofia /PARK / with drop by 2.31% after Friday closing.
During theweek were published part of the non-consolidated financial reports of the companies. According to the represented data Trace Group Hold AD reported tenfold growth of its net earnings from sales in amount of BGN 24,38 million for year 2007 as compared with BGN 2,47 million for year 2006, a growth by 265%, of net financial result after taxation. The company reported an increase of long-term tangible assets to the amount of BGN 5,92 million and obtained ownership capital in amount of BGN 29,03 million. Lead & Zinc Complex AD generated 23,5 million net profit, which represented a growth by 53,43% and as compared with year the net sales for year 2007 amount to BGN 245,1 million as compared with BGN 153,9 million for year 2006, which represented a growth by 59,3%. As reasons for decrease of indicators for fourth quarter are specified factors as increase of power energy for industrial use by 30%, decrease of USD exchange rate and drop of lead and zinc prices on the international commodity markets. Bianor AD reported a drop of net profit up to BGN 113 thousand for previous year a drop of net sales up to BGN 0,78 million.
Chimimport AD has presented also financial reports where is reported a growth by 185% of its net profit for year 2007 up to BGN 83,3 million, as compared with BGN 29,2 million for year 2006. The net financial result from operations with financial instruments is in amount of BGN 77,4 million, and this is the main reason for generated net profit in amount of BGN 83,3 million.
The Commission on Financial Supervision has confirmed of Doverie United Holding AD – City of Sofia. The emission of BG Agro is in amount of 6 053 616 ordinary shares and provides also for the possibility for additional placement up to 4 035 744 shares. Doverie United Holding is planning to increase its capital from BGN 13,15 million up to BGN 14,03 million with issue value of the securities is in amount of BGN 12 each.
License was issued to Bulgari Reserve Properties REIT, City of Sofia, for carrying out of business activity as special purpose vehicle for real estates securitization.
Collective investment schemes – yield as at 01.02.2008 (table)
Capman Financial Group – Corporate news
Following the recent stock exchange lesson many players will rethink their strategies
Nikolay Yalamov – Chairperson of the Board of Directors What is the market situation as of the present according to Capman? Has the negative trend passed away or the pessimistic mood still governs?
The correction is a normal response, in case that during the last two years we observed instances of long positive trends. The stock exchange is a mirror of the economy, and the prices of a share reflect how a given company is managing its performance. The economy is the foundation, and the latter is considered by the persons, engaged in budget planning and macro frameworks.
Respectively, since the very September 2007, we, the professionals on these markets have started with some warnings, stating that steep raise of share prices exceed the financial results, achieved by the companies, and in fact what the investors buy are just overexpectations. We have realized at this time already that a market correction is highly probable and it will serve as drive to return the exchange to growth levels, similar with growth rates in economy itself. So, this correction process started in November, and continued with standard tempo also in December. It is worth to note that such corrections were introduced also in spring of years 2006 and 2007, but despite of it the markets managed to achieve good results during the year. The year was very successful for all mutual funds, private investor and initial public offerings.
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Tel. ++359 2 810 60, fax: +359 2 810 60 33, e-mail: mail@capmanbg.com, web site: http://www.capmanbg.com
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Capman Weekly 25.01-01.02.2008.pdf, 256 Kb
