market wrap-up
The week started with a quite negative trading session. The large majority of the issues were under heavy sell pressure and eventually we witnessed significant declines. SOFIX dropped to 931.02 (-2.93%), a level from the end of September 2006, as only two companies within the index managed to close above the line. The major moves were registered by Chimimport (6C4, BGN 6.79, -5.07%), First Investment Bank (5F4, BGN 5.90, -3.26%) and M+S Hydraulic (5MH, BGN 6.402, -3.44%). The price weighted BG40 fixed 227.3 (-2.96%) after the negative moves from Synergon Holding AD (6S7, BGN 5.05, -8.18%), Eurohold Bulgaria (4EH, BGN 3.999, -6.87%) and Kaolin (6K1, BGN 6.02, -5.95%). BGTR30 fell to a new all-time-low level, 608.53 bps (-3.22%), after the numerous declines with the most significant ones coming from Fazerles (4F6, BGN 105.01, - 9.48%), Stara Planina Hold (5SR, BGN 3.469, -8.71%) and Doverie United Holding (5DOV, BGN 6.27, -6.42%).
| Sofix | BG 40 | BGREIT | BGTR30 | |
| Value | 931.02 | 227.30 | 83.43 | 608.53 |
| 1-day change (%) | -2.93 | -2.96 | -0.83 | -3.22 |
| 7-day change (%) | -5.61 | -4.70 | -2.25 | -5.53 |
| 90-day change (%) | -21.67 | -30.28 | -13.19 | -24.49 |
| 365-day change (%) | -44.49 | -48.91 | -16.57 | -39.15 |
Note: BG REIT and BG TR30 started 31 August 2007
| BSE Daily Volume (shares) | 610 916 |
| BSE Daily Volume (BGN) | 3 207 752 |
| Avg Daily Turnover YTD (BGN) | 11 507 610 |
| Avg Daily Turnover 12 mo. (BGN) | 19 388 767 |
Most recent macro data
| Inflation (HICP, M/M August) | -0.1% |
| Inflation (HICP, cum. 2008) | 7.1% |
| LEONIA Reference Rate | 5.29% |
| SOFIBOR /3 months/ | 7.267% |
| GDP Growth (Y/Y Q2 2008 preliminary) | 7.1% |
| Unemployment (July 2008) | 5.96% |
exchange rates
| Current | Change | |
| BGN/USD | 1.38211 | -0.00836 |
| BGN/EUR | 1.95583 | Fixed |
| EUR/USD | 1.4151 | 0.00851 |
DAILY TRADING (selected stocks)
All figures in BGN (BGN/EUR rate fixed at 1.95583)
Compensatory Instruments (table)
ECONOMY AND POLITICS
Macroeconomicnews and statistics
Real GDP grows by 7.1% YoY in H1 2008
Bulgaria’s gross domestic product grew 7.1% YoY in H1 2008 compared to 6.5% YoY in H12007, the National Statistical Institute announced. On a quarterly basis the economy expanded by a further 0.1% from 7.0% growth in Q1 2008 to 7.1% growth in Q2 2008. The GDP amounted to BGN 15.9bn for Q2 2008 and BGN 29.4bn for H1 2008. The GDP per capita totalled BGN 2 082 in Q2 2008.
The gross value added (GVA) of the Bulgarian economy grew 6.7% YoY in Q2 and 7.1% YoY in H1 2008, both in real terms.
Agriculture rose 6.5% YoY in H1 2008 (11.7% YoY in Q2 2008), data showed. In H1 services were up 7% YoY (5.8% YoY in Q2), while industrial output gained 7.4% YoY (7.2% YoY in Q2).
The expenditure method shows that import growth reached 9.9%YoY in H1 (13.7% YoY in Q2) while exports slowed to 6.9% YoY (5.1% YoY in Q2). H1 individual consumption growth was 5.5% YoY, while public consumption fell 2.5% YoY, according to NSI.
Source: Profit.bg; Dnevnik; FFBH
Macroeconomic news and statistics
Bulgaria ranks third in EU in wage growth in Q2 2008
Compensation expenses per hour have risen by 21.9% YoY in Q2 2008 in Bulgaria, which ranks the country third in terms of that indicator among European member countries, shows statistic of Eurostat.
Source: Investor.bg; FFBH
Macroeconomic news and statistics
Households incomes up 12.4% YoY in July
The average household's income stoodat BGN 720 in July 2008 compared to BGN 641 in July 2007. Wages and salaries continue to be the most important source of income for Bulgarians – 53.1%, while pensions ranked second with 24%. Average household expenses increased as well to BGN 695 in July, up by 7.8% YoY.
Source: Investor.bg; FFBH
Real estate
Real estate prices in Sofia up 10% YoY in H1
The average price of real estate properties in Sofia increased 9.43% YoY in H1 2008, according to statistics of Raiffeisen Real Estate.
The average price of real estate deals in Sofia was EUR 80k in H1 2008 compared to EUR 73k in H1 2007.
Source: Novinite.com
CORPORATE news
Bulgarska Roza- Sevtopolis AD [4BJ]
Bulgarska Roza Sevtopolis with a new production unit
Bulgarska Roza Sevtopolis announced it has put into operation a new production unit, worth BGN 0.5m. The plant will process medical plants into active pharmaceutical ingredients.Source: Pari; FFBH
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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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BMU16-09-08.pdf, 68 Kb
