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market Highlights
SOFIX couldn’t retain the positive direction and closed slightly in the red as 55% of its components declined. The new shares of Monbat (5MB: 10.74; +0.23%) didn’t pressure the price, whereas EMKA (57E: 3.60; -10.00%) slumped by 10%. Both companies increased their capitals and usually the price is going down when new shares are available for trading and the liquidity is returning to normal. The repurchasing of up to 0.29% of 5MB’s capital probably supported the price. The banking sector closed hardly changed. Corporate Commercial Bank (6C9: 89.51; -0.55%) set up 20% from the total turnover after a series of large deals. The news for the insolvency of Kremikovtzi (4KW: 1.87; -13.02%) pushed down the position in moderate volumes. 9 040 shares changed hands during the session but the deals were for small amounts.
The overall activity improved in small rate. Speculators again were the main drivers but we saw some institutional investors’ movement.
| SOFIX | 1003.89 | -0.21% | -2.12 |
| BG40 | 254.49 | 1.26% | 3.17 |
| BGTR30 | 661.81 | 0.26% | 1.73 |
| BGREIT | 89.27 | 0.59% | 0.52 |
| Number | Turnover | |
| Stocks | 878 955 | 3 738 113.81 |
| Bonds | 69 | 88 565.38 |
| Compensatory Notes | 271 706 | 107 165.59 |
| Primary market | - | - |
BG40 (LS)/ SOFIX (RS) (chart)
Stocks in focus
Albena (chart)
Albena (6AB: 63.00; +1.61%) was subject of volatile trading during the session. The company opened higher and hit BGN 68.00 in the middle of the day but the level was unsustainable and 6AB closed at BGN 63.00. The nonconsolidated 1H 2008 report wasn’t very good but the summer season is seasonally strongest for the company and we expect improved 3Q financial results. Trailing P/E of 12.3 is around the market average, whereas P/B of 0.94 remained lower.
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http://reports.aiidatapro.com/BBB/Elana/07_08_2008_Bulgaria_Daily_Report.pdf
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Copyright: 2006 Elana Trading. All rights reserved.For further Information please contact Elana Trading, 49 Bulgaria blvd. , 1404 Sofia. Phone: +359 2 810 00 40, fax: +359 2 810 00 99, e-mail: research@elana.net, web site: http://www.elana.net
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07 08 2008 Bulgaria Daily Report.pdf, 50 Kb
