SOFIX............................................. 1 290.24................. -0.02%................ -0.28
BG40............................................... 269.97.................... 1.13%................. 3.02
.......................................................Number.................... Turnover
Stocks............................................ 1 292 629................ 7 861 571,47
Bonds............................................ 1 053....................... 1 141 241,24
Compensatory Notes...................... 87 479.................... 35 723,78
Primary market............................... -.............................. -
market HIGHLIGHTS
The divergence between indices was strong again. BG40 advanced more than 1% on Thursday, whereas SOFIX?s components were hardly changed. Odesos (ODES: 196.67, +4.04%) moved to the key level of BGN 200 in thin trading. BG40 was supported also by holdings. Friday is the last day for the ipo of First Investment Bank and the lack of any selling pressure this week means that volatility of prices will be lower next week. This Monday is the first trading day with Kaolin (KAO) shares, or one week earlier than the previous schedule.
BG40 and SOFIX (chart)
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Bulgarian American credit Bank (BACB) (chart)
Shares of Bulgarian American credit Bank (BACB: 70.03, -0.81%) posted solid growth last several months without correction. The position was among the few that continued to advance during the market weakness. As a result, the recovery has little impact on BACB?s shares as well as the two bank IPOs. The P/B of 8 will create a significant barrier for additional gains before the retained earnings improve the book value of the bank.
Bulgarian Telecommunication company (BTC) (chart)
The telecommunication company is looking for support at current levels around BGN 10.75. The P/E of 24 and EV/EBITDA will limit the downside movement. Shares are susceptible by further selling pressure as the buy orders are very loose. However, we look for a short-term stabilization of the price but the serious bounce is also a distant perspective. The run starter at BGN 10 and is unlikely that the price will return below this key level.
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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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