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Bulgarian Stocks Lose Ground in Uncertain Trading

Sep 23, 2008, 5:29:35 PMArticle by Iva Doneva
share
September 23 (SeeNews) - Bulgarian share indices ended lower on Tuesday in uncertain trading mirroring volatility on global financial markets, brokers said.

Bulgarian Stocks Lose Ground in Uncertain Trading

The SOFIX index, which includes the 20 most liquid stocks on the Bulgarian Stock Exchange (BSE), fell 0.82% to 846.76 points and the broader BG 40 index, which tracks the 40 most liquid companies on the bourse, dropped 1.25% to 204.28.

As of Tuesday, the SOFIX was extended, with one more component after engineering, construction and energy group Enemona was added. Nine components in the broader BG 40 index and seven companies in the BG TR30 index, in which companies with a free float of at least 10% have equal weight, were replaced also on Tuesday.

"Tuesday trading was not surprising at all. It was influenced by international markets," Tereza Trifonova, financial analyst with local brokerage Karoll, told SeeNews.

"The domestic factors that can turn the trend upwards are missing [...] - the return of foreign investors, for example," Trifonova said.

Blue-chip industrial group Chimimport and car battery maker MonBat, also a component of the SOFIX, were the most traded, she added but said that there was no particular reason for the interest in them.

Shares in Chimimport dropped 4.93% to 5.8 levs in a volume of 81,180 stocks.

MonBat closed 2.51% lower at 9.7 levs as 47,426 stocks were traded.

BSE's total turnover, excluding block and other pre-agreed deals, fell to 2.6 million levs ($2.0 million/1.3 million euro) from 4.5 million levs on Friday. Bulgaria had a public and market holiday on Monday.

On Tuesday, fallers led advancers by 66 to 30 and 10 stocks closed flat.

The BG TotalReturn30 (BG TR30) index edged down 0.56% to 563.87 points and the BG-REIT index, tracking the performance of real estate investment trusts, ended 0.83% lower at 81.17.

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, lost 2.86% to 105.81 points.

(1 euro = 1.95583 Bulgarian levs)

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