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Oct 29, 2007 18:11 EEST
SOFIA (Bulgaria), October 29 (SeeNews) – Bulgarian stocks ended higher on Monday with the market seen influenced mainly by the companies’ nine-month financial results at least for a month, brokers said.
The SOFIX index tracking the 17 most liquid shares on the Bulgarian Stock Exchange rose 0.86% to 1,939.75 points, and the broad BG 40 index added 0.24% to 614.73 points.
“The market is influenced by financial results. Also, now that the initial public offering [IPO] of [road construction company] Trace Group Hold is over, part of the funds are flowing back to the market into more liquid shares,” Konstantin Abrashev, portfolio manager at BenchMark Asset Management, told SeeNews.
On Friday Trace offered 200,000 shares in a 22.1 million lev ($16.2 million/11.3 million euro) IPO which was 1,480 times oversubscribed.
Abrashev said liquid stocks like industrial group Synergon Holding, lead and zinc smelter OTZK and Central Cooperative Bank (CCB) rose on Monday in confirmation of this trend.
Synergon Holding shares rose 3.7% to 17.53 levs in a volume of some 32,050 shares as investors were positive on the news for some restructuring moves in the company, Abrashev said.
OTZK ended at 3.6% higher at 124.30 levs with some 3,450 shares changing hands. CCB closed at 12.7 levs, up 4.8% in a volume of 10,950 stocks.
Abrashev said the market was likely to be somewhat volatile until the release of the consolidated financial statements of the companies for the first nine months of the year, which are due by the end of November.
Among losers on Monday was steel mill Kremikovtzi which lost 7.0% to a close of 25.1 levs in a volume of nearly 5,800 shares.
On Monday 88 shares rose, 67 fell and 22 closed unchanged.
BSE's turnover rose to 32.2 million levs from 22 million levs on Friday.
BSE's BG TotalReturn30 (BG TR30) index, in which companies with a free float of at least 10% have equal weight, rose 1.67% to 1,225.06. The BG-REIT index, which tracks the performance of real estate investment trusts traded on the stock exchange, edged 0.14% up to 103.60.
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, appreciated 1.44% at 308.9 points.
(1 euro = 1.95583 Bulgarian levs)
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