Croatian Equity Indices Gain Around 7.0% on Broad-based Recovery

Opening with a double-digit surge, the 28-share benchmark CROBEX index of the Zagreb bourse closed at 2,762.62 points, up 7.86% from Monday. It jumped 15.93% n Monday following a 25.5% plunge last week.

"The Crobex added another 7.9% on institutional buying and consequently closed the session above the key 2,693 point level or 38.2% retracement of 2002-2007 uptrend," said an analyst with Hypo Alpe-Adria-Bank.

The CROEMI 20-share index, calculated by Raiffeisenbank Austria, went up 6.76% to 2,439.32. The narrowest index, CROX, which tracks the 12 most traded stocks on the Zagreb market and is calculated by the Vienna bourse, gained 7.70% in euro terms to 1,667.90.

Shares of blue-chip telecommunications company T-HT jumped 7.44% to 259.89 kuna on the day’s biggest turnover of 27.7 million kuna.

Shipping company Atlantska plovidba d.d. rose 6.38% to 1,500 kuna on 25 million kuna of turnover.

The other three shares with turnovers above 10 million kuna each were civil engineering company IGH, up 6.27%, food producer Podravka, up 6.89%, and engineering company INGRA, up 12.7%.  

The banking sector continued its explosive gains: Zagrebacka Banka rose 23.85%, Privredna Banka Zagreb added 15.38% and Jadranska Banka surged 15.46%.

Turnover in floor trading rose to 169.8 million kuna ($32 million/24 million euro) from 116.8 million kuna on Monday.

The fixed-income Crobis index fell 0.17% to 95.07 points.

(1 euro = 7.1482 Croatian kuna)