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market Highlights
Stocks were mixed during the first half of the Tuesday’s session but extended losses during the late trading. indices closed on the red and SOFIX was the worst performer as liquid blue chips suffered the heaviest decline. This could be a sign that the selling pressure comes from institutional investors. Among decliners were Sopharma (3JR: 4.02; -3.83%), Bulgarian American credit Bank (5BN: 56.00; -4.42%) and Eurohold Bulgaria (4EH: 4.67; -3.65%), which were also actively traded. This combination of solid losses and higher volumes is behind our expectations that shares of those companies could underperform the market in short term. The indices are moving on the downside but the broad market is still lagging the large stocks that didn’t manage to cover investors’ expectations for the consolidated profits.
Monbat (5MB: 12.00; +1.61%) posted higher volumes and the price moved to BGN 12.30. Corporate Commercial Bank (6C9: 91.30; +1.45%) and Orgachim (5ORG: 166.00; +1.84%) were the other gainers for the session. Small caps traded in modest volumes, which is usual as speculators are aside of the market.
We don’t expect that the market decline will intensify this week but the easiest way for indices is on the downside.
| SOFIX | 996.26 | -1.32% | -13.35 |
| BG40 | 245.02 | -0.40% | -0.98 |
| BGTR30 | 649.70 | -0.70% | -4.59 |
| BGREIT | 86.01 | 1.06% | 0.90 |
| Number | Turnover | |
| Stocks | 558 919 | 3 928 353.30 |
| Bonds | 171 | 198 287.84 |
| Compensatory Notes | 197 325 | 75 818.51 |
| Primary market | - | - |
BG40 (LS)/ SOFIX (RS) (chart)
Stocks in focus
Chimimport
The 1H consolidated report of Chimimport (6C4: 7.95; -1.25%) was announced after the market close on Monday and investors had plenty of time to price in the news. The financial statement didn’t bring any visible disappointment to the market and shares even started with small gains. The sell orders were in modest volumes and the overall trading remained thin. This is a sign that investors were not surprise by the report.
The operations with securities were the main source for the consolidated profit. The transportation sector, which includes mainly Bulgarian River Shipping and the airlines, is posting loss of BGN 9 million.
Chimimport (chart)
4EH - Eurohold Bulgaria
The consolidated financial statement of Eurohold Bulgaria showed a small loss. Revenues were bit higher on quarterly basis but are substantially improved due to the expansion of insurance services in Bulgaria and Romania. Eurohold Bulgaria acquired 10% of the Serbian insurance company Takovo Osiguranje for the amount of EUR 3.65 million. Takovo is the sixth largest insurer in Serbia and is public listed company. The acquired stake is through the subsidiary EuroIns Insurance Group.
4Eh (chart)
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http://reports.aiidatapro.com/BBB/Elana/02_09_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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02 09 2008 Bulgaria Daily Report.pdf, 56 Kb
