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market Highlights
indices spent most of the session on positive territory and colored on the red during the last trading hour. The losers from the previous sessions recovered part of their decline. Banks recovered from previous losses during the session but only as Bulgarian American Bank (5BN: 57.85; +3.30%) and First Investment Bank (5F4: 5.80; +0.35%) managed to remain on the green in modest volumes. 5BN traded in the recent range between BGN 54 and BGN 58, which will guarantee the excess volatility of the position and SOFIX in short term.
Large deals with shares of Doverie Holding (5DOV: 6.90; 0.00%) and Sopharma Real Estate (6S6: 6.60; +1.38%) improved the overall volumes, whereas speculators were focused toward the volatile trading with shares of defaulted fertilizer producer Himko.
The difficulty to keep its gain is a sign that bears are holding the control of the market. We expect several session at the current price levels before any new selling pressure to emerge. The market is in distribution phase as occasional large deals are supporting the volumes. We will call for bottom only when two factors are evident. First, higher volumes due to the large transfers between institutional investors. This should coincide with the economical recovery of Europe, which is the second and maybe the more important and distant factor for market bottom. Foreign investors will turn their attention to Bulgarian stocks as a more leveraged tool to invest in. For now, the negative bias is prevailing as risks for the Bulgarian economy are significant despite the lack of any evidences for slowdown.
| SOFIX | 996.09 | -0.02% | -0.17 |
| BG40 | 243.11 | -0.78% | -1.91 |
| BGTR30 | 648.79 | -0.14% | -0.91 |
| BGREIT | 85.96 | -0.06% | -0.05 |
| Number | Turnover | |
| Stocks | 1 375 460 | 5 974 295.15 |
| Bonds | 1 594 | 3 175 495.68 |
| Compensatory Notes | 361 451 | 138 968.31 |
| Primary market | - | - |
BG40 (LS)/ SOFIX (RS) (chart)
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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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03 09 2008 Bulgaria Daily Report.pdf, 45 Kb
