Croatian Share Indices Drop Further amid Global Woes

"The [bourse’s benchmark 28-share] CROBEX sank 3.3%, hammered by fears of a protracted global recession after Citigroup announced one of the largest layoffs in history," said an analyst with Hypo Alpe-Adria-Bank. The local benchmark thus slipped into the oversold territory which from technical point of view suggests some near-term relief, he added. The CROBEX ended at 1,869.35 points, its lowest level since August 2005.

The CROEMI 20-share index, calculated by Raiffeisenbank Austria, lost 2.92% to 1,688.20.

The narrowest index, CROX, which tracks the 12 most traded stocks on the Zagreb market and is calculated by the Vienna bourse, declined 3.30% in euro terms to 1,124.80 points.

Turnover in floor trading was 50.6 million kuna ($9.0 million/7.1 million euro), up from 36.3 million kuna on Monday.

Telecommunications company T-HT, an index heavyweight, attracted the day’s largest turnover of 12.5 million kuna as its share price lost 2.79% to 204.15 kuna.

Civil engineering institute IGH fell 6.67% to 5,320 kuna on 5.7 million kuna of turnover.

Shipping company Atlantska Plovidba was off 1.01% to 765 kuna on 3.6 million kuna of turnover.

The fixed-income CROBIS index added 0.19% to 89.20 points.

(1 euro = 7.1117 Croatian kuna)