market WRAP-UP
On Wednesday despite the negative move of BGTR30 all the rest indices finished the day on positive territory: SOFIX 855.46 bps (+1.03%), BG40 207.28 bps (+1.47) and BGREIT 81.69 bps (+0.64%), while BGTR30 lost 0.17% to 562.93 bps. The day gainer Albena (6AB, BGN 57.5, +9.27%) made this move with small daily turnover, followed by Central Cooperative Bank (4CF, BGN 3.068, +5.79%), Monbat (5MB, BGN 10.0, +3.09%) and Euroins Insurance (5IC, BGN 4.999, +3.07%). The main down pressure come from Moststroy (5MY, BGN 15.299, -6.17%) and Industrial Holding Bulgaria (4ID, BGN 5.282, -3.08%). The major moves came from Sopharma (3JR, BGN 3.07) where more than 235k shares changed hands. There were no volumes on the REIT market and the quiet trades kept price levels unchanged.
| Sofix | BG 40 | BGREIT | BGTR30 | |
| Value | 855.46 | 207.28 | 81.69 | 562.93 |
| 1-day change (%) | 1.03 | 1.47 | 0.64 | -0.17 |
| 7-day change (%) | -4.02 | -0.02 | -1.64 | -3.01 |
| 90-day change (%) | -25.79 | -33.00 | -12.88 | -27.48 |
| 365-day change (%) | -52.26 | -58.02 | -18.31 | -43.71 |
Note: BG REIT and BG TR30 started 31 August 2007
| BSE Daily Volume (shares) | 1 360 857 |
| BSE Daily Volume (BGN) | 4 520 149 |
| Avg Daily Turnover YTD (BGN) | 11 336 273 |
| Avg Daily Turnover 12 mo. (BGN) | 19 146 478 |
Most recent macro data
| Inflation (HICP, M/M August) | -0.1% |
| Inflation (HICP, cum. 2008) | 7.1% |
| LEONIA Reference Rate | 5.56% |
| SOFIBOR /3 months/ | 7.372 |
| GDP Growth (Y/Y Q2 2008 preliminary) | 7.1% |
| Unemployment (August 2008) | 5.89% |
exchange rates
| Current | Change | |
| BGN/USD | 1.3314 | 0.0037 |
| BGN/EUR | 1.95583 | Fixed |
| EUR/USD | 1.469 | -0.00409 |
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
Total government debt at EUR 5.2bn in end-2007
A report of the Ministry of Finance published on Wednesday showed that the country's total government debt was EUR 5.2bn at the end of 2007, EUR 483m less compared to the end of 2006.
Foreign government debt stood at EUR 3.5bn, whereas domestic government debt was EUR 1.6bn. At the end of 2007 the country's total government debt amounted to 17.9% of GDP, which represents a 4.5% YoY decrease.
In 2007 domestic government debt grew by EUR 125m, whereas foreign government debt declined by EUR 608m.
Source: Novinite.com
Macroeconomic news and statistics
Gross external debt increases by 13.2% YtD
The gross external debt amounted to EUR 32.7bn (99.5% of GDPe) as at the end of July 2008, an increase of EUR 3.8bn (13.2%) against the end of 2007 (EUR 28.9bn, 99.8% of GDP), data of the Bulgarian National Bank (BNB) shows. Banks’ external debt amounted to EUR 7.8bn, up by EUR 2.1bn (35.4%) against the end of 2007. Loans and deposits received from non-residents came to EUR 7.4bn in January – July 2008 (22.6% of GDP), compared to EUR 5.6bn (19.3% of GDP) for the same period in 2007. As of end-July 2008, net external debt was EUR 14.6bn (44.4% of GDP), up by EUR 2.7bn (23.1%) against the end of 2007 (EUR 11.8bn, 40.9% of GDP).
Source: Investor.bg; FFBH
Macroeconomic news and statistics
Broad money up by 21% YoY in August
Broad money (monetary aggregate M3) increased by 21% YoY in August 2008, compared to 23.8% YoY growth in July, data of the Bulgarian National Bank (BNB) shows. At the end of August M3 amounted to BGN 45.7bn (71.2% of GDP). Its most liquid component – the monetary aggregate M1 – increased by 10.2% YoY in August to BGN 20.8bn (14% YoY growth in July).
Source: Profit.bg
Macroeconomic news and statistics
UNCTAD Report: Bulgaria attracted USD 8.4bn FDI in 2007
Bulgaria attracted a total of USD 8.4bn of foreign direct investments in 2007, according to the 2008 World Investment report of the UNCTAD, which was presented in Sofia on Wednesday. Thus, in 2007 FDI in Bulgaria were USD 0.9bn more than in 2006.
Just three of the 12 new EU member countries attracted more foreign direct investments than Bulgaria last year. Those were Poland, Romania and the Czech Republic, Henri R. Jackelen – UNDP Bulgaria said.
Bulgaria however ranked first among the newly accepted EU members in terms of FDI per capita.
Source: Novinite.com; Profit.bg
Financial sector
Turkish Ziraat Bankasi plans expansion in Bulgaria
Turkey’s state-controlled T.C. Ziraat Bankasi A.S. will open five offices in Bulgaria, the lender’s general director Can Akn Caglar told Turkish newspaper Sabah. The bank is now in talks with the Bulgarian central bank. T.C. Ziraat Bankasi opened its first Bulgarian office in 1998.
Source: Dnevnik
CORPORATE news
Blagoevgrad-BT AD [55B]
Bulgaria's largest cigarette factory expects 50% smaller profit in 2008
Blagoevgrad BT expects a net profit of about BGN 15m in 2008, which is only 50% of its profit in 2007.
The factory's output in 2008 so far is about the same as in 2007 but the profit is smaller because of the higher excise tax, which was imposed after Bulgaria's EU accession, the Deputy Director of Blagoevgrad BT Lili Ivanova explained.
Similar shocks are expected at the beginning of 2009 and 2010, when according toEU's requirements Bulgaria is expected to continue to increase the excise tax gradually.
In 2008 so far the plant has produced about 650m packs of cigarettes for the Bulgarian market and 400m packs of cigarettes for exports.
Source: Novinte.com
Unipak AD [3U9]
Unipac plans to invest in machines for EUR 1.4m
The board of directors of Unipac approved the purchase of machinery and equipment worth EUR 1.4m excl. VAT, announced the company to Investor.bg. The packaging machines will be used in main production and account for 70% of current unconsolidated assets.
Source: Investor.bg; FFBH
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BMU25-09-08.pdf, 69 Kb
