June 24 (SeeNews) - The Bulgarian blue-chip index was down 2.26% to 451.19 points by noon on Friday on heightened uncertainty following the Brexit vote, bourse data indicated.
The broader BGBX40, which tracks the 40 most traded shares, declined by 2.23% to 88.74 points, data from the Bulgarian Stock Exchange data showed. All constituents of the blue-chip index were trading in negative territory in relatively low turnover.
The bourse's two other indices were also down.
Approached by SeeNews for comment, analysts said they expect negative sentiment to persist, until global markets settle down at least.
"Uncertainty is very high at the moment as an economic crisis of sorts is bound to take place. The Brexit will affect negatively the Bulgarian bourse, prompting sell-offs in small volumes which will set off serious volatility," Tsvetoslav Tsachev, head of research at Elana Trading brokerage, told SeeNews.
"I expect that the main index of the Bulgarian stock exchange to post losses in the 1-2% range," Tsachev added.
Vladislav Panev, board chairman of asset management company Sky Funds, said that considering that the starting date of the asset quality reviews of the pension funds is approaching, he does not expect shocks in the illiquid positions where they have invested. "Elsewhere, however, the sentiment will be negative, at least until foreign markets calm down," he noted.
The preliminary results of Thursday's referendum in the United Kingdom on whether the country should remain the European Union show that some 52% of voters said "yes" to the country's departure from the bloc. The final results are yet to be released later on Friday.
Source: The Electoral Commission