market WRAP-UP
On Wednesday all indices slightly moved down. Although the volumes remained low the demand looked so weak that the prices easily declined. SOFIX lost 0.02% to 996.09 bps, BG40 closed at 243.11 bps (-078%), BGTR30 lost (-0.14%) to 648.79 bps and BG REIT fixed at 85.96 bps (-0.06%). The day losers were Moststroy (5MY, BGN 20, -4.76%), Elhim Iskra (52E, BGN 4.20, 4.52), Fazerles (4F6, BGN 125, -3.85) and Holding Roads (6H2, BGN 17, -2.02%). Among the gainers of the session were Bulgarian-American credit bank (5BN, BGN 57.849, +3.30%) and Industrial Capital Holding AD (4I8, BGN 7.345, +3.44%). There were no volumes on the REIT market and the quiet trades kept price levels unchanged.
| Sofix | BG 40 | BGREIT | BGTR30 | |
| Value | 996.09 | 243.11 | 85.96 | 648.79 |
| 1-day change (%) | -0.02 | -0.78 | -0.06 | -0.14 |
| 7-day change (%) | -2.37 | -3.02 | -0.66 | -1.87 |
| 90-day change (%) | -18.84 | -27.89 | -10.13 | -21.25 |
| 365-day change (%) | -38.15 | -43.57 | -14.04 | -35.12 |
Note: BG REIT and BG TR30 started 31 August 2007
| BSE Daily Volume | 1 738 505 |
| BSE Daily Turnover | 9 288 759 |
| Average Daily Turnover YTD | 11 834 700 |
| Average Daily Turnover 12 months | 19 767 898 |
Most recent macro data
| Inflation (HICP, M/M July) | 1.4% |
| Inflation (HICP, cum. 2008) | 7.2% |
| LEONIA Reference Rate | 5.20% |
| SOFIBOR /3 months/ | 7.311% |
| GDP Growth (Y/Y Q2 2008 preliminary) | 6.3% |
| Unemployment (July 2008) | 5.96% |
exchange rates
| Current | Change | |
| BGN/USD | 1.35436 | 0.007 |
| BGN/EUR | 1.95583 | Fixed |
| EUR/USD | 1.4441 | -0.0075 |
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
Half of budget surplus planned to be spent on social projects
Prime Minister Sergei Stanishev told to the press on Monday that nearly half of the budget surplus for 2008 (BGN 3.8bn budget surplus at end June) will be spent for social purposes, where as around 10% of it will be spent on infrastructure projects and another 10% on the country’s security including the army and the police.
The government is preparing a social package to be implemented this autumn, which will cost nearly BGN 210m in financing from the budget surplus, minister of labour and social policy Maslarova said. This social package does not include the Christmas bonus paid to retirees, which, according to Stanishev, is expected to be larger than the BGN 100 per retiree paid last year. The heating allowance to poor households will increase by 60% to BGN 282, Stanishev also said.
The Prime Minister did not specify the amount of the surplus as a % of GDP expected at year's end, but said that it will be above the projected 3% of GDP.
Source: Profit.bg; Dnevnik
CORPORATE news
Varna and Bourgas to have new airport terminals
Fraport Twin Star Airport management AD is planning the construction of new passenger terminals at Varna and Bourgas airports, according to an announcement made Wednesday by the company's Chief Technical Director.
investments at both airports are estimated at EUR 65m. The construction will begin in the middle of 2009 and the new terminals are scheduled to open by the start of the 2011 summer tourist season. A total of 110 obsolete buildings at both airports are going to be demolished.
In the first six months of the year, Fraport Twin Star Airport management AD has invested over BGN 12.5m in the airports' improvement.
Source: Novinite.com
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BMU04-09-08.pdf, 67 Kb
