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Dec 14, 2007 19:47 EEST
December 14 (SeeNews) - Croatian share indices continued falling in low turnovers on Friday in dull pre-holiday trading that is likely to last until the end of the year, analysts said.
"There was very little excitement on the Croatian capital markets this week as liquidity has declined and the [benckmark] Crobex index was relatively flat. As we are now entering the Christmas holiday season we expect to see more of the same until the end of the year," said an analyst with Ilirika brokerage.
The the 30-share Crobex index of the Zagreb Stock Exchange (ZSE) lost a further 0.54% to end at 4,928.91. The Croemi 20-share index, calculated by commercial bank Raiffeisenbank Austria, fell 0.35% to 4,059.87. Each has gained some 52% since the beginning of the year.
The narrowest CROX index of the seven most traded stocks on the ZSE, which the Vienna Stock Exchange launched this summer, dipped 0.14% in euro terms to 2,613.42.
Turnover in floor trading was only 58 million kuna ($11 million/8.0 million euro), unchanged from Thursday. Earlier this year, daily turnover used to exceed 100 million kuna.
Shares of telecommunications company T-HT attracted the biggest daily turnover, 6.9 million kuna, or only one-third of its usual daily volumes. Its share price was down 0.57% to 352.97 kuna.
Oil and gas company INA, an index heavyweight, ended unchanged at 2,660 kuna on 6.1 million kuna of turnover.
Shares of agricultural company Bozjakovina were third by turnover, with 5.2 million kuna. Usually they trade in lower liquidity and are not included in the share indices. Their share price fell 0.55% to 900 kuna.
"Bozjakovina initially appreciated to the 950 kuna level bearing fruits from news that the government plans to channel some 6.0 billion kuna in subsidies into agriculture during 2008, as well as the anticipated decision to abandon the zero-alcohol rule (the latter is important since the company owns 84% stake in the local wine producer Kutjevo)," said an analyst with Hypo Alpe-Adria-Bank. The zero-alcohol rule, which imposes a ban on drinking before driving in Croatia, has triggered a fall in sales of drinks like wine and beer in the past few years, some brewers and wine producers have said.
A coalition of peasant party HSS and social liberals HSLS has set the subsidies as a precondition for its negotiations with outgoing conservative party HDZ to set up a government. HDZ won most of the seats in parliament following the general elections on November 25 but needs the support of smaller parties to form a cabinet. Overall, 56 shares lost ground, 36 rose and 28 ended unchanged.
The fixed-income Crobis index went up to 96.48 from 96.27 points the previous day.
(1 euro= 7.3080 Croatian kuna)
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