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Oct 16, 2007 19:02 EEST
ZAGREB (Croatia), October 16 (SeeNews) – Croatian share indices fell on profit-taking on Tuesday after two of them had scored a number of record highs in the previous few trading sessions, brokers said.
The 30-share Crobex index of the Zagreb Stock Exchange (ZSE) lost 0.56% to finish at 5,392.9 points, falling back from its all-time high on Monday. “The local Crobex benchmark bent down as investors decided to cash in profits, although the fall was much more muted compared to the correction in other central and eastern Europe indices,” said an analyst with Hypo Alpe-Adria-Bank.
The Croemi 20-share index of commercial bank Raiffeisenbank Austria followed suit to end at 4,384.25, down 1.10% from its highest ever level a day earlier. The two indices have each gained more than 63% since the beginning of the year.
The CROX index of the seven most traded stocks on the ZSE, which the Vienna Stock Exchange launched this summer, fell 1.06% to 2,868.64 points in euro terms.
Telecom T-HT was the most liquid share in Zagreb, as on previous days since its shares were floated on October 5. Its Global Depository receipts were listed at the same time in London. On Tuesday the telecom’s share price dropped 1.77% to 389 kuna on 38.1 million kuna of turnover in Zagreb.
Blue-chip power transmission equipment maker Dalekovod fell 3.0% to 1,780 kuna on 16.6 million kuna of turnover, the second highest.
IGH, a research and development company for the construction sector, rose by a further 2.02% to 13,201 kuna on 14.6 million kuna of turnover. The Hypo analyst said at a price/book value ratio of 6.5x and a price/sales ratio of 3.1x the stock trades at a substantial premium compared to estimated 2007 peer group averages.
Blue-chip food company Podravka recovered 1.72% to 532 kuna on relatively strong turnover of 9.9 million kuna after a fall a day earlier.
Overall rising shares outnumbered declining ones by 68 to 66 and 27 ended unchanged.
Turnover in shares and bonds in floor trading was 215.7 million kuna ($41.7 million/29.5 million euro), slightly down from 241.9 million kuna a day earlier.
The fixed-income Crobis index added 0.06% to 98.0592 points.
(1 euro=7.3211 Croatian kuna)
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