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Oct 09, 2007 17:08 EEST
SOFIA (Bulgaria), October 9 (SeeNews) – Bulgarian shares fell on Tuesday with the broad stock index BG 40 retreating from a record high but are seen recovering by the end of the week, brokers said.
BG 40 tracking the 40 most liquid issues on the Bulgarian Stock Exchange (BSE) lost 2.74% to 602.98 points, down from a record high of 619.99 points, while the SOFIX index of the 17 blue chips was down 2.17% to 1,901.5 points.
“The market was getting out of breath so it is normal for it to retreat [from recent record highs],” Krasimir Atanasov, portfolio manager at Elana Fund Management, told SeeNews.
Prices have been rising on the stock exchange in Sofia recently with record highs being hit every day as abundance of free funds on the market coupled with shortage of new issues to invest in.
Decliners on Tuesday outnumbered gainers with companies like industrial conglomerate Chimimport and car battery maker MonBat, which had contributed to latest rises, losing ground, Atanasov said.
On Tuesday 80 shares fell, 69 rose and 22 ended flat.
Chimimport closed 0.2% higher at 17.05 levs but its average weighted price used in the calculation of the SOFIX and BG 40 iindices, was down 3.35% to 17.01 levs in a volume of some 126,500 shares. MonBat ended 1.7% higher at 30 levs but its average weighted price, also used in the calculation of the two indices, fell 5.13% to 29.61 in a volume of 37,260 shares.
Atanasov said the market was likely to recover before the week’s end as the amount of free cash in the market was big enough and would prevent a deep correction.
Tuesday's share turnover was 14.3 million levs ($10.3 million/7.3 million euro), slightly down from 15.2 million levs on Monday.
BSE's BG TotalReturn30 (BG TR30) index, in which companies with a free float of at least 10% have equal weights, fell 1.75% to 1,191.10. The BG-REIT index, which tracks the performance of real estate investment trusts traded on the stock exchange, lost 0.65% to 103.99.
The Dnevnik 20 index, calculated by local business daily Dnevnik from the share prices of the 20 leading companies in terms of liquidity and market capitalisation, fell 2.22% to 299.83 points.
(1 euro = 1.95583 Bulgarian levs)
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