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Nov 06, 2007 16:59 EEST
SOFIA (Bulgaria), November 6 (SeeNews) – Bulgarian stock indices ended mixed on Tuesday after sharp falls on Monday as the negative sentiment from previous trading session faded, brokers said.
The SOFIX index tracking the 17 most liquid shares on the Bulgarian Stock Exchange (BSE) edged 0.35% up to 1,851.94 points after losing 2.41% on Monday, while the broad BG 40 index edged further 0.24% down to 558.84 points after it tumbled 4.6% in the previous session.
“It is early to talk about a positive turn but negative feelings have eased a little,” Dimitar Bakalov, a financial analyst at Ug Market brokerage, told SeeNews.
Bakalov said recent falls were caused mainly by smaller investors selling because of media publications that the market may be ballooning.
Some analysts and brokers have said increasing demand and limited supply have pushed some stock prices on the BSE to unreasonably high levels.
Bakalov said that, based on technical analysis, the SOFIX index is unlikely to fall beneath 1,800 points by the end of the month.
Among gainers on Tuesday were kaolin and silica sand producer Kaolin, paint and varnish maker Orgachim and industrial conglomerate Chimimport, Bakalov said.
Kaolin closed 5.6% higher at 19 levs in a volume of some 29,550 shares. Orgachim ended at 750 levs, up 5.0% in a volume of about 1,210 stocks and Chimimport rose 3.0% to 16.4 levs with 56,210 shares changing hands.
On the losing side was perfume and pharmaceuticals producer Balgarska Roza-Sevtopolis, whose shares slid 2.2% to 3.6 levs in a volume of some 2,730 shares.
On Tuesday 97 shares rose, 50 fell and 20 closed unchanged.
BSE's turnover rose to 16.9 million levs ($12.5 million/8.6 million euro) from 11.6 million levs on Monday.
BSE's BG TotalReturn30 (BG TR30) index, in which companies with a free float of at least 10% have equal weight, gained 0.04% to 1,159.16. The BG-REIT index, which tracks the performance of real estate investment trusts traded on the stock exchange, lost 1.32% to 102.50.
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 0.61% to 291.85 points.
(1 euro = 1.95583 Bulgarian levs)
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