market Trend
SOFIX added almost 3% on weekly basis, whereas BG40 advanced in small rate and added 1.23%. Level of 1000 points provided good support of the main index. The positive bias predominated and supported the most of positions. The liquid companies were most attractive. Chimimport (6C4) permanently stayed above the threshold of BGN 8.00 as well as Monbat (5MB) breached BGN 11.00. The new shares from the recent capital increase of the battery producer couldn’t push down the price due to the repurchasing of up to 0.29% from the capital and improved buying interest. The week was thiin in corporate news, which additionally pressured the overall activity.
The short selling and margin deals were leaded on BSE on Thursday. The new kind of deals will be gradually available for market participants.
BG40 (LS)/ SOFIX (RS) (chart)
Trading Activity
The trading activity improved on Tuesday but Wednesday’s session returned to the usual volumes and made the market participants cautious again. We saw slight institutional investors’ movement as several large package transactions were make during the week. Large deal with Bulgarian American credit Bank (5BN) boosted the turnover on Friday.
It is probable that the summer lethargy will continue to grab the market in short term but the Tuesday’s impulse was a good sign.
Traded Volumes in BGN (chart)
SOFIX
| Stock | Last Price | Weekly Change | Bid | Ask |
| Albena | 70 | 4.91% | 68.00 | 69.00 |
| Bulgarian-American credit Bank | 52.316 | -12.81% | 56.01 | 59.44 |
| Central Cooperative Bank | 3.843 | 7.26% | 3.82 | 3.85 |
| Chimimport | 8.656 | 7.22% | 8.67 | 8.70 |
| Corporate Commercial Bank | 90.625 | 1.08% | 89.73 | 91.20 |
| Elana Opportunity Land Fund | 1.9 | -0.16% | 1.88 | 1.95 |
| Euro Ins | 7.163 | 1.60% | 7.20 | 7.29 |
| First Investment Bank | 5.878 | 2.17% | 5.80 | 5.91 |
| Holding Roads | 17.281 | 8.17% | 17.25 | 17.49 |
| Industrial Holding Bulgaria | 6.029 | 1.86% | 6.01 | 6.05 |
| Kaolin | 7.582 | 2.88% | 7.58 | 7.60 |
| Lead and Zink Complex | 28.474 | -4.99% | 28.60 | 29.69 |
| M+S Hydraulic | 6.936 | 2.00% | 7.20 | 7.49 |
| Monbat | 11.02 | 3.84% | 10.86 | 11.00 |
| Neochim | 82.168 | 8.12% | 81.20 | 81.50 |
| Orgachim | 179.012 | -1.64% | 178.00 | 183.00 |
| Sopharma | 4.536 | -1.39% | 4.52 | 4.55 |
| Sparky Eltos | 8.243 | 3.04% | 8.21 | 8.38 |
| Toplivo | 15.824 | 5.42% | 16.49 | 16.50 |
Bulgarian American credit Bank (5BN) was the worst performer among SOFIX’s components on weekly basis. Large deal for almost 1.5% of the bank’s capital was made on Friday at BGN 52.00 and pushed down the daily average price. The bank managed to close the session at BGN 59.4. The rest of the banking sector advanced. Neochim (3NB) continued the positive run as well as Chimimport (6C4). The fertilizer producer was subject of speculators’ interest as well as of several market buy orders from institutional players. Holding Roads (6H2) also outperformed the market, although the new shares from the capital increase of the company may put some serious pressure on the stock.
- 11 August 2008: Eurohold Bulgaria (4EH) submitted that the Commercial Register registered on August 10, 2008 the increase of the capital of Euroins Insurance Group to BGN 239.5 m through a monetary contribution on amount of BGN 48 m.
- 11 August 2008: Momina Krepost (5MR) announced that the Commercial Register registered the capital increase from BGN 281 864 to BGN 1.7 m.
- 11 August 2008: The GMS of BenchMark Fund-2 Equities (5BH1) adopted the management bodies' report about the activities of the company in 2007 and decided the 2007 profit of BGN 3.2 m to be set aside as undistributed profit.
- 11 August 2008: Sopharma (3JR) has acquired shares of the capital of Sopharma Buildings REIT (4OX). The number of transacted shares was 71 500 or 11% of the capital. Total shareholding after transaction is 99.72% - 40.72% direct shareholding and 59.00% via related persons.
- 13 August 2008: Sopharma (3JR) bought additional 10.8 m shares, representing 4.9% of the capital of the Ukrainian company Vitamini AD, increasing its shareholding in Vitamini AD to a total of 79.07 %.
- 13 August 2008: BSE registered the capital increase of Moststroy (5MY) and Holding Roads (6H2).
Upcoming Events
- 18 August 2008: Sofia BT (3JU) will start the payment of BGN 1.91 gross dividend per share.
- 20 August 2008: The final date for the purchasing shares of Arco Towers REIT (5SV), which will allow the shareholders to take part in the capital increase of the company. The company plans to increase its capital to BGN 780 000.
- 20 August 2008: The GMS of Yavor (3YR) will be lead on Wednesday.
- 20 August 2008: Elhim Iskra (52E) will start the dividend payment. The company will distribute BGN 0.04 gross dividend per share.
Macroeconomy
- National Statistic Institute (NSI) reported that the Bulgaria's export to non-EU countries stood at BGN 5.99 billion (EUR 3.06 billion) in 1H 2008. The main destination for Bulgaria's export in 1H was Turkey – BGN 1.61 billion (EUR 823 m), or 35% up from the corresponding period a year ago. The total value of import was BGN 10.87 billion, which is 39.9% up from a year ago.
- Bulgarian National Bank’s (BNB) data showed that the Bulgaria's Current and Capital account deficit was 10.9% of GDP in the period January - June 2008, against a deficit of 9.8% of GDP for the same period of 2007. The main factor for the increase in the current account deficit was the higher trade deficit.
- NSI reported 14.2% inflation for the period January – July 2008. The prices of food products and soft drinks went up by 0.2% in July against June; the prices of alcoholic beverages and tobacco products rose by 1.5%.
- The Foreign Direct Investment in Bulgaria amounted 6.3% of GDP in the first half of 2008 as compared to 8.8% of GDP in the year-ago period.
WEEKLY HIGHLIGHTS
BILLBOARD /5BP/ (chart)
DEVIN /6D3/ (chart)
ENEMONA /E4A/ (chart)
LEAD AND ZINC COMPLEX /5OTZ/ (chart)
SPARKY ELTOS /SL9/ (chart)
FINANCIAL SECTOR (table)
INDUSTRIAL SECTOR (table)
BASIC MATERIALS SECTOR (table)
CYCLICAL CONSUMER SECTOR (table)
ENERGY SECTOR (table)
OTHER (table)
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Weekly BSE 15 08 2008.pdf, 74 Kb
