Croatian Share Indices Plunge in Low Liquidity

The 28-share benchmark CROBEX index of the Zagreb bourse shed 5.48% to 2,411.16 points.

"The CROBEX dived another 5.5% and consequently closed the session substantially below the psychological level of 2,500 on a broad-based weakness," an analyst with Hypo Alpe-Adria-Bank said.

The CROEMI 20-share index, calculated by Raiffeisenbank Austria, dropped 5.00% to 2,161.53.

The narrowest index, CROX, which tracks the 12 most traded stocks on the Zagreb market and is calculated by the Vienna bourse, declined 4.42% in euro terms to 1,478.72.

The share price of blue-chip shipping company Atlantska Plovdiba nosedived 15.38% to 945.17 kuna on the day’s largest turnover of 13.4 million kuna. "The top-volume issue Atlantska Plovidba tumbled below the 1,000 kuna level on significant volume amid investors' concerns regarding sharply deteriorated shipping sector outlook on the back of the global economic slowdown and further corrections lower in the Baltic Dry Index," the analyst added.

The Baltic Dry Index measures world freight rates for dry cargo vessels.

Telecommunications company T-HT, an index heavyweight, fell 3.21% to 242 kuna on 8.0 million kuna of turnover.

Civil engineering institute IGH dropped 7.75% to 6,606 kuna on 6.6million kuna of turnover.

Turnover in floor trading was 57.8 million kuna ($10.3 million/8.0 million euro), slightly changed from 64.1 million kuna a day earlier and far below the levels witnessed earlier this month.

The fixed-income Crobis index was 0.21% off, at 94.12 points.

(1 euro = 7.2253 Croatian kuna)