market WRAP-UP
After four straight deep negative sessions the week ended with a small positive step as the huge rallies worldwide didn’t seem to create enthusiasm on the local market. Still the indices recovered a bit as SOFIX closed at 853.75 (+1.72%), BG40 gained 2.17% to 206.86 bps and BGTR30 advanced 1.24% to 567.07 bps. Among the most actively traded were Sopharma (3JR, BGN 3.122, +2.19%) and Monbat (5MB, BGN 9.95, +4.74%) where 103k and 109k changed hands respectively. The others to support the indices were Elana Agricultural Land REIT (4EC, BGN 1.70, +6.18%) and Chimimport (6C4) which partially offset the loss from Thursday, moving 5.90% up to BGN 6.10 with more than 59k traded. We witnessed some negative moves as Sparky Eltos (SL9, BGN 6.00, -7.69%) crashed with only 4k traded and Orgachim (5ORG) lost 2.23% to BGN 135.90 with only 454 shares traded.
| Sofix | BG 40 | BGREIT | BGTR30 | |
| Value | 853.75 | 206.86 | 81.85 | 567.07 |
| 1-day change (%) | 1.72 | 2.17 | 1.12 | 1.24 |
| 7-day change (%) | -10.99 | -11.69 | -2.71 | -9.81 |
| 90-day change (%) | -28.53 | -35.49 | -14.32 | -29.12 |
| 365-day change (%) | -51.08 | -57.73 | -18.15 | -43.29 |
Note: BG REIT and BG TR30 started 31 August 2007
| BSE Daily Volume | 1 210 386 |
| BSE Daily Turnover | 5 333 841 |
| Average Daily Turnover YTD | 11 407 771 |
| Average Daily Turnover 12 months | 19 288 503 |
Most recent macro data
| Inflation (HICP, M/M August) | -0.1% |
| Inflation (HICP, cum. 2008) | 7.1% |
| LEONIA Reference Rate | 5.49% |
| SOFIBOR /3 months/ | 7.332 |
| GDP Growth (Y/Y Q2 2008 preliminary) | 7.1% |
| Unemployment (August 2008) | 5.89% |
exchange rates
| Current | Change | |
| BGN/USD | 1.37386 | 0.0252 |
| BGN/EUR | 1.95583 | Fixed |
| EUR/USD | 1.4236 | -0.0266 |
DAILY TRADING (selected stocks)
All figures in BGN (BGN/EUR rate fixed at 1.95583)
Compensatory Instruments (table)
ECONOMY AND POLITICS
Macroeconomic news and statistics
Unemployment rate continues to decrease in August, down to 5.89%
The unemployment rate in Bulgaria was 5.89% in August compared to 5.96% in July, as announced by the Bulgarian Employment Agency. The Labour Bureaus in Bulgaria have under record a total of 218 303 unemployed individuals in August 2008, which is 1.2% less compared to July, the Ministry of Labor and Social Policy announced.
Compared with August 2007 the number of unemployed individuals in the country has gone down by 41 007 or 15.8% YoY.
Source: Novinite.com
CORPORATE news
First Investment Bank [5F4]
Fitch lowers FIB’s outlook to negative
Fitch Ratings revised First Investment Bank (FIB)'s outlook to negative from stable and affirmed its ratings at Long-term Issuer Default (IDR) 'BB-' (BB minus), Short-term IDR 'B', Individual 'D', Support '5' and Support rating Floor 'No Floor'.
The outlook change reflects the challenges that FIB is facing in the current market environment in terms of attracting new long-term funding and capital at an acceptable cost and refinancing its existing obligations in full. As a result, FIB's prospects in terms of both profitability and market share could well be negatively impacted.
FIB's ratings reflect the bank's good franchise, diversified customer deposit base, acceptable risk management framework and solid fee income. Additionally, asset quality ratios remain acceptable and market risk is limited.
In related news BSE announced that as of 30 September 2008 FIB shares will be moved to BSE Official market of Equities Segment B, from currently traded at Unofficial market of Equities Segment A.
Source: Dnevnik; Investor.bg; FFBH
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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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BMU23-09-08.pdf, 68 Kb
