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Nov 29, 2007 17:14 EEST
November 29 (SeeNews) - Bulgarian stocks advanced on Thursday, tracking the rises on global markets, with demand coming mainly from local investors, brokers said.
The blue-chip SOFIX index, which includes the 16 most liquid stocks on the Bulgarian Stock Exchange (BSE), added 2.14% to 1,710.34 and the broad BG 40 index surged 3.57% to 528.60. The bourse's BG TotalReturn30 (BG TR30) index, in which companies with a free float of at least 10% have equal weight, rose 1.75% to 1,096.90, while the BG-REIT index tracking the performance of real estate investment trusts' shares gained 0.40% to 101.32.
“The bourse livened up as the main buyers were locals who have bided their time and now started buying,” Krasimir Atanasov, portfolio manager at Elana Fund Management, told SeeNews. He added that sales by foreign investors were less than on previous days, bolstering the positive sentiment.
Bulgarian stocks, which surged to a series of record highs throughout the summer and the first two months of autumn, have entered a correction mode since the end of October partly erasing previous gains.
“As a whole the global picture also improved after yesterday’s rally on Wall Street,” Atanasov added.
The Dow Jones Stoxx 600 Index climbed 2.8 percent on Wednesday, the biggest one-day rise since April 2003.
Overall sentiment on the BSE was bullish with 103 stocks rising, 46 falling and 18 ending flat.
Total turnover fell to 13.2 million levs ($10 million/6.8 million euro) from 23.7 million levs on Wednesday.
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, surged 2.16% to 270.72 points.
(1 euro = 1.95583 Bulgarian levs)
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