market WRAP-UP
SOFIX crashed to a 38 month low on Tuesday. The collapse of the markets worldwide made the local investors nervous and only for a few minutes, in total panic, they pushed the large majority of the stocks 8-10% down. Later, the market calmed down and even recovered several bps but not enough to offset the losses, and SOFIX closed at 792.48 (-6.79%), a level we not seen since August 2005. BG40 and BGTR30 lost 3.16% and 5.09% to 198.58 bps and 528.33 respectively. The major moves came from Bulgarian American credit Bank (5BN), which tumbled 14.93% to BGN 39.888, and Lead and Zink Complex (5OTZ) which lost 12.14% to BGN 20.156. Among the most actively traded were First Investment Bank (5F4) where more than 213k changed hands predominantly at BGN 4.75.
| Sofix | BG 40 | BGREIT | BGTR30 | |
| Value | 792.48 | 198.58 | 78.48 | 528.33 |
| 1-day change (%) | -6.79 | -3.16 | -2.94 | -5.09 |
| 7-day change (%) | -6.41 | -2.79 | -3.31 | -6.30 |
| 90-day change (%) | -29.89 | -33.92 | -18.02 | -30.58 |
| 365-day change (%) | -57.43 | -63.30 | -21.52 | -47.17 |
Note: BG REIT and BG TR30 started 31 August 2007
| BSE Daily Volume (shares) | 2 926 154 |
| BSE Daily Volume (BGN) | 7 563 468 |
| Avg Daily Turnover YTD (BGN) | 11 238 357 |
| Avg Daily Turnover 12 mo. (BGN) | 18 927 386 |
Most recent macro data
| Inflation (HICP, M/M August) | -0.1% |
| Inflation (HICP, cum. 2008) | 7.1% |
| LEONIA Reference Rate | 5.63% |
| SOFIBOR /3 months/ | 7.425 |
| GDP Growth (Y/Y Q2 2008 preliminary) | 7.1% |
| Unemployment (August 2008) | 5.89% |
exchange rates
| Current | Change | |
| BGN/USD | 1.36304 | 0.02709 |
| BGN/EUR | 1.95583 | Fixed |
| EUR/USD | 1.4349 | -0.0291 |
Sofix/ BG 40 / BGREIT / BGTR30 (charts)
DAILY TRADING (selected stocks)
All figures in BGN (BGN/EUR rate fixed at 1.95583)
Compensatory Instruments (table)
ECONOMY AND POLITICS
Energy sector
The price of gas up by 50% in six months
The price of gas will be increased in two phases by a total of 50% in the next six months: the first step would start today, Oct 1st, with a hike of 24% while the second jump would take place on January 1st, 2009 adding an additional 21.45%. The second price increase will be implemented only if oil residue, diesel oil and the rate of dollar remain at their present level. The Confederation of employers and industrialists in Bulgaria are strongly against the price hikes in times of a global financial crisis.
Source: Pari
Financial sector
Continuing solid growth in Aug for the banking industry
As of end Aug 2008 total assets of the banking system in Bulgaria reached BGN 69.1bn (up 17% YtD). Total loans of BGN 54.5bn (up 21.5% YtD) continued to increase at a higher rate compared to that for deposits (BGN 53.5bn, up 15% YtD). Despite the solid growth, the asset quality remained relatively sound with provisions/total loans ratio of 1.9%. The net profit for the Jan-Aug period totaled BGN 994m (up 34% YoY). ROaE came in at 22%.
Source: FFBH
CORPORATE news
Neohim AD [3NB]
A subsidiary of Chimimport enters Neochim’s board of directors
Chimimport Group EAD is voted as a new member of Neochim’s board of directors on an extraordinary general shareholders’ meeting on September 26th. Chimimport Group EAD is a wholly-owned subsidiary of Chimimport AD and has 2.38% of Neochim’ shares.
Source: Investor.bg, FFBH
Yavor AD [3YP]
Yavor AD to increase its capital 134 times
Yavor AD will increase its capital 134 times to a little over BGN 15m using own funds, the company announced. The capital increase will consist of the issuance of 14.98m new shares at BGN 1 per share. Found in March 2008 the main activity of the company based in Varna is the purchase, sale, construction and renting of real estate properties. The priority project at the moment is the construction of a commercial centre with total area of 7.2k sq. m.
Source: Pari
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To view the original document, please click on the link below:
http://reports.aiidatapro.com/BBB/FFBH/BMU01-10-08.pdf
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Copyright: 2006 First Financial Brokerage House. All rights reserved.For further Information please contact
FFBH, 2 Enos Str., 1408 Sofia, Bulgaria, Phone: +359 2 810 64 21, fax: +359 2 810 64 01, e-mail: ffbh@ffbh.bg, web site: http://www.ffbh.bg
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BMU01-10-08.pdf, 74 Kb
