market Trend
BSE edged lower last week and the main indexes closed in the red, despite the waving between positive and negative territory during the week. SOFIX lost 1.2% on weekly basis, whereas BG40 finished 2.2% down. Investors maintained cautious stance and only several position attracted market’s attention. The end of the month is approaching and we expect some positive performance for several blue chips this week. It is not unusual to see those positions gaining moderately before a final end-month jump. The situation remained the same – thin volumes and trading in the range. The market is still waiting a catalyst for gains.
BG40 (LS)/ SOFIX (RS) (chart)
Trading Activity
The volumes remained low as well as the number of deals. Almost 60% of the total turnover on Tuesday was from trading with REITs and especially PARK REIT (4PK). Two deals for totally 1.6 m shares of 4PK were done and boosted the company’s turnover. Buyers gradually renewed the bid orders but maintained cautious and placed the orders below the current market prices. Liquid positions kept the market’s attention but the low trading volumes are a clear sign that investors are reluctant to buy at the moment.
Traded Volumes in BGN (chart)
SOFIX
| Stock | Last Price | Weekly Change | Bid | Ask |
| Albena | 68.5 | -2.14% | 65.10 | 68.00 |
| Bulgarian-American credit Bank | 57.756 | 10.40% | 56.30 | 58.00 |
| Central Cooperative Bank | 3.606 | -6.17% | 3.58 | 3.60 |
| Chimimport | 8.477 | -2.07% | 8.44 | 8.50 |
| Corporate Commercial Bank | 90.69 | 0.07% | 89.70 | 91.30 |
| Elana Opportunity Land Fund | 1.944 | 2.32% | 1.91 | 1.95 |
| Euro Ins | 7.106 | -0.80% | 7.09 | 7.18 |
| First Investment Bank | 5.807 | -1.21% | 5.81 | 5.85 |
| Holding Roads | 17.253 | -0.16% | 17.25 | 17.60 |
| Industrial Holding Bulgaria | 5.969 | -1.00% | 5.95 | 6.00 |
| Kaolin | 7.211 | -4.89% | 7.20 | 7.35 |
| Lead and Zink Complex | 28.308 | -0.58% | 28.00 | 28.60 |
| M+S Hydraulic | 6.45 | -7.01% | 6.46 | 6.65 |
| Monbat | 11.501 | 4.36% | 11.40 | 11.50 |
| Neochim | 82.875 | 0.86% | 82.70 | 83.90 |
| Orgachim | 174 | -2.80% | 172.00 | 177.00 |
| Sopharma | 4.494 | -0.93% | 4.47 | 4.47 |
| Sparky Eltos | 8.198 | -0.55% | 8.00 | 8.10 |
| Toplivo | 15.421 | -2.55% | 15.40 | 15.50 |
Bulgarian American credit Bank (5BN) outperformed on weekly basis and added 10% to its average price as compared to the previous week. Corporate Commercial Bank (6C9) announced BGN 23 m net profit as of July, after the market close on Friday. The net profit for the month amounted BGN 3 m. Deposits amounted BGN 1.6 billion. Recently, 6C9 submitted a request for transfer of its issue from the Unofficial market of the BSE to Segment B of the Official market. The bank closed the week almost unchanged. After the weak 1H financial report Kaolin (6K1) was under pressure and lost almost 5% on weekly basis. The net profit improved on quarterly basis to BGN 5.7 m, but declined y-o-y. The sales increased by almost 22% as compared to the same period last year to BGN 66.7 m.
- 15 August 2008: Orgachim (5ORG) concluded deals at the total value of EUR 591 126 according to the frame contract with Polycolor –Bucharest.
- 18 August 2008: Kaolin (6К1) reported a 20 % revenues growth compared to the same period of the previous year. During the first six months of 2008 the company posted consolidated sales of BGN 67 m as compared to BGN 54 m for the same period of 2007.
- 18 August 2008: BSE-Sofia has received an application from Eurobank EFG Bulgaria to be registered as a market maker of the issue of Devin (6D3).
- 18 August 2008: Chimimport (6C4) announced that it has successfully priced and placed EUR 65 m seven-year secured bonds exchangeable for its ordinary shares listed on the BSE.
- 21 August 2008: Commercial Register registered the capital increase of Billboard (5BP) from BGN 7.5 m to BGN 15 m.
- 21 August 2008: Doverie United Holding (5DOV) has submitted its 1H 2008 consolidated report.
Upcoming Events
- 25 August 2008: On Monday will begin the trading with rights of Arco Towers REIT (5SV), issued as pat of the second capital raise of the company. The REIT plans to hike its capital from to BGN 780 000 through issuing 650 000 rights. Five rights give opportunity for the subscription of one new share.
- 25 August 2008: Astera Cosmetics (AC2) will start its dividend payment. The company will distribute BGN 0.825 gross dividend per share.
- 27 August 2008: The last day for trading with rights of Advance Terrafund REIT (6A6). The company plans to raise its capital to BGN 110.14 m through issuing of 66.084 m shares with BGN 1.90 issue value. The REIT has also issued totally 44.056 m rights. The rights and the shares were issued at a ratio of 1:1.5.
Macroeconomy
- The Bulgarian Employment Agency announced that the unemployment rate in Bulgaria was 5.95% in July. Totally 220 879 people are registered as unemployed, which is just 210 less than in June 2007.
WEEKLY HIGHLIGHTS
ELARG /4EC/ (chart)
EURINS /5IC/ (chart)
KAOLIN /6K1/ (chart)
M+S Hydraulic /5MH/ (chart)
ORGACHIM /5ORG/ (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 22 08 2008.pdf, 77 Kb
