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Nov 28, 2007 17:28 EEST
November 28 (SeeNews) - Bulgarian stocks mostly rose on Wednesday, led by financials and holding companies, amid improving investor confidence and sharply higher turnover, brokers said.
“We see rising activity resulting in higher turnovers, as investor confidence was bolstered by consolidated financial results,” one broker told SeeNews.
Total turnover on the Bulgarian Stock Exchange (BSE) rose to 23.7 million levs from 7.1 million levs on Tuesday.
The blue-chip SOFIX index, which includes the 16 most liquid stocks on the BSE, rose 1.9% to 1,674.58 and the broad BG 40 index lost 0.65% to 510.38.
Banking stocks rose led by Bulgarian American Credit Bank, which surged 5.88% to 72 levs.
Most of the liquid holding companies also ended higher as the consolidated results released so far have encouraged investors, the broker said.
Industrial conglomerate Chimimport and Industrial Holding Bulgaria rose after reporting rises in nine-month consolidated net profit.
Chimimport gained 1.0% to 14.7 levs while Industrial Holding Bulgaria added 1.6% to 10.9 levs.
Overall sentiment was positive with 88 stocks rising, 46 falling and 19 ending unchanged.
“It’s too early to say whether the correction has come to an end, but there are positive signs,” the broker said.
Since the end of October the Bulgarian stock market has reversed an upward trend which had continued throughout the whole summer and the first two months of autumn.
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, rose 0.59% to 265.0 points.
(1 euro=1.95583 Bulgarian levs)
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