 |
© Elana Trading |
market Highlights
BSE closed in the red, despite the positive impulse at the beginning of the session. The direction was defined mainly from speculators for consecutive day. Even usually liquid companies like Chimimport (6C4: 8.00; +0.44%) and Monbat (5MB: 11.09; +0.82%) were traded in thin volumes. Recently, the both blue-chips fell below their support levels but managed to recover. Lead and Zink Complex (5OTZ: 31.25; -7.27%) closed on the intraday low and pressured main indices. The recent gains were fueled by the rising price of lead. Shares of First Investment Bank (5F4: 6.14; +2.33%) moved higher but without the interest of the broad market and mainly in the spread between bid and ask prices. The reaction to the strong report of Corporate Commercial Bank (6C9: 91.00; 0.00%) on Thursday will give us the idea of the market perception toward bank shares for the moment.
BG40 (LS)/SOFIX (RS) (chart)
| SOFIX | 1023.11 | -0.43% | -4.39 |
| BG40 | 261.16 | -0.01% | -0.03 |
| BGTR30 | 685.229 | 0.55% | 3.72 |
| BGREIT | 89.80 | -0.80% | -0.72 |
| Number | Turnover | |
| Stocks | 312 066 | 2 503 101.49 |
| Bonds | 376 | 719 812.29 |
| Compensatory Notes | 428 913 | 166 670.02 |
| Primary market | - | - |
Corporate Commercial Bank (chart)
Corporate Commercial Bank (6C9: 91.00; 0%) announced solidly improved 1H 2008 financial results. The net profit increased by 84% y-o-y to BGN 20.4 m, which exceeded the estimations by 12.3%. The capital adequacy is almost 13% and is far above the required rate of 6%. The credit portfolio increased by 67% on yearly basis and set up half of the assets. At the same time, the nonperforming loans are only 0.26% of the total. Trailing P/E of 16.80 is above the average for the banking sector.
Tradedvolumes during Wednesday’s session were lower than usual but the price settled above BGN 91.00. The earnings were announced after the market close on Wednesday.
The European Commission confirmed Wednesday during the official presentation of monitoring reports on Bulgaria that two of the government agencies allocating EU money would be stripped of their accreditation. This will block effectively over EUR 500 million of funds. No other institutions are affected by similar measures contrary to reports from last week. The steps are motivated by evidence for corruption and mismanagement of EU funds in Bulgaria.
*****
To view the original document, please click on the link below:
http://reports.aiidatapro.com/BBB/Elana/23_07_2008_Bulgaria_Daily_Report.pdf
*****
Copyright: 2006 Elana Trading. All rights reserved.For further Information please contact Elana Trading, 49 Bulgaria blvd. , 1404 SofiaPhone: +359 2 810 00 40, fax: +359 2 810 00 99, e-mail: research@elana.net, web site: http://www.elana.net
*****
AII Data Processing does not endorse in any way, the views, opinions or recommendations expressed above. The use of the Information is subject to the terms and conditions as published by the original source, which you have to read and accept in full prior to the execution of any actions taken in reliance on Information contained herein.
 | SeeNews SeeNews is a business and financial news and information provider which brings its visitors and customers access to detailed coverage on the fast-growing companies, economies and markets of ten Southeast European nations. |
Search for: news |
Search for: market |
Search for: assets |
Search for: indices |
Search for: report |
Search for: chart |
Search for: credit |
Search for: Bulgaria |
Search for: institutions |
23 07 2008 Bulgaria Daily Report.pdf, 52 Kb
