market trend
BG40 outperformed during the week supported mainly by Orgachim (5ORG), whereas SOFIX closed in the red but only 0.35% down. The paint producer started the week around BGN 170.00 and closed at BGN 182.00 in moderate volumes. The level of 1 000 points provided support of the main index, despite the slight predomination of the negative moods. The summer lethargy obsessed the market and is less probable to see significant rally or deeper losses in short term as even 1H non-consolidated reports couldn’t influence the market.
BG40 (LS)/ SOFIX (RS) (chart)
Trading Activity
Traded Volumes in BGN (chart)
Overall activity remained subdued and most of the deals were for small amounts. 52% from the orders were placed through the on-line system COBOS and the speculators remained the main market drivers but we saw some institutional investors’ movement. On Thursday several large deals with Corporate Commercial Bank (6C9) improved the turnover.
SOFIX
| Stock | Last Price | Weekly Change | Bid | Ask |
| Albena | 66.726 | 6.50% | 62.50 | 66.00 |
| Bulgarian-American credit Bank | 59.999 | -1.22% | 57.03 | 60.00 |
| Central Cooperative Bank | 3.583 | -0.33% | 3.56 | 3.60 |
| Chimimport | 8.073 | 2.53% | 8.00 | 8.12 |
| Corporate Commercial Bank | 89.658 | -2.47% | 89.80 | 90.50 |
| Elana Opportunity Land Fund | 1.903 | -4.85% | 1.88 | 1.91 |
| Euro Ins | 7.05 | 2.22% | 7.00 | 7.28 |
| First Investment Bank | 5.753 | -0.16% | 5.75 | 5.79 |
| Holding Roads | 15.976 | 0.38% | 15.87 | 16.50 |
| Industrial Holding Bulgaria | 5.919 | -1.33% | 5.98 | 6.04 |
| Kaolin | 7.37 | -1.13% | 7.31 | 7.40 |
| Lead and Zink Complex | 29.97 | 0.33% | 30.00 | 30.15 |
| M+S Hydraulic | 6.8 | 0.24% | 6.62 | 6.65 |
| Monbat | 10.612 | -1.50% | 10.55 | 10.70 |
| Neochim | 76 | 1.63% | 75.40 | 76.36 |
| Orgachim | 182 | 8.25% | 180.00 | 187.00 |
| Sopharma | 4.6 | -1.46% | 4.52 | 4.60 |
| Sparky Eltos | 8 | -0.83% | 7.70 | 8.00 |
| Toplivo | 15.01 | -0.85% | 15.20 | 15.30 |
Orgachim (5ORG) outperformed SOFIX’scomponents, followed by Albena (6AB). 6AB was subject of volatile trading and managed to close at BGN 69.00. The non-consolidated 1H 2008 report wasn’t very good but the summer season is seasonally strongest for the company and we expect improved 3Q financial results. The banking sector remained under pressure. The battery producer Monbat (5MB) declined as the new shares from the recent capital increase were registered for trading. The repurchasing of up to 0.29% of 5MB’s capital probably supported the price.
- 04 August 2008: Severcoop Gamza Holding (6S4) has submitted its corrected 2007 annual consolidated report.
- 05 August 2008: The GMS of Slantze Stara Zagora Tabac (3JO)decided the 2007 profit of BGN 3 m to be use for covering of accumulated loss of BGN 1.5 m and the rest of the profit to be set aside to the company’s reserves. The shareholders authorisated persons to negotiate and sign a contract with Bulgartabac Holding AD (57B) and to sell to 57B a minority package of 487 000 shares representing 21.20% of the registered capital of Bulgartabac-Trading AD, held by 3JO.
- 05 August 2008: Neochim (3NB) appointed an extraordinary GMS on September 26, 2008. Voting right will have all shareholders registered in the Central Depository by September 12, 2008.
- 07 August 2008: Cigarette Factory Plovdiv (4CV) has appointed an extraordinary GMS on September 30, 2008. Voting right will have all shareholders registered in the Central Depository by September 16, 2008.
Upcoming Events
- 11 August 2008: Bulgarian Stock exchange (BSE) and Black Sea Investment REIT (6B4) will start dividend payment. BSE will pay its shareholders BGN 0.4025 gross dividend per share and the REIT will distribute BGN 0.3675 dividend per share.
- 15 August 2008: The trading with the rights issued in accordance with the capital increase of Advance Terrafund REIT (6A6) will start on Thursday. The REIT will raise its capital from BGN 44.05 m to BGN 110.14 m through the issuing of 66.08 m new shares at BGN 1.90.
- 15 August 2008: The last day for dividend payment of M+S Hydraulic (5MH). The company will distribute BGN 0.0947 dividend per share.
Macroeconomy
- The Republican Budget’s revenues amounts BGN 14 billion for thefirst half of the year, which is increase by 24.7% (BGN 2.7 billion) as compared to the same period last year. The revenues from taxes improved by 21.9% y-o-y.
- The total net amount of assets accumulated by pension funds in Bulgaria amounted BGN 2.39 billion (EUR 1.22 billion) on June 30, which is an increase of 29.05% compared with the same period a last year. Net assets were up by 3.09% year to date, while those of voluntary and professional assets decreased by 8.96% and 2.76% respectively.
Bonds
3M SOFIBOR (chart)
The tight money market received another confirmation by the rising interbank rates. 3- month SOFIBOR moved above the level of 6%.
WEEKLY HIGHLIGHTS CHIMIMPORT /6C4/ (chart)
EURO INS /5IC/ (chart)
ORGACHIM /5ORG/ (chart)
PETROL /5PET/ (chart)
SOPHARMA /3JR/ (chart)
FINANCIAL SECTOR (table)
INDUSTRIAL SECTOR (table)
BASIC MATERIALS SECTOR (table)
CYCLICAL CONSUMER SECTOR (table)
ENERGY SECTOR (table)
OTHER (table)
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Phone: +359 2 810 00 40, fax: +359 2 810 00 99, e-mail: research@elana.net, web site: www.elana.net
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Weekly BSE 08 08 2008.pdf, 76 Kb
