Croatian Stocks Rebound

The 30-share benchmark Crobex index of the Zagreb bourse rebounded 1.09% to 3,346.34 on Friday, having hit one of its lowest levels this year on Thursday.

As the oversold condition indicated, the Crobex managed to pare some of yesterday's losses by advancing 1.1% on gains in shipping company Atlantska Plovidba and oil and gas company INA, an analyst with Hypo Alpe-Adria-Bank said.

"Additionally, since today's rebound failed to dilute the oversold condition, we may see some further correction higher in the benchmark," the analyst added.

The Croemi 20-share index, calculated by Raiffeisenbank Austria, added 0.84% to 2,895.06.

The narrowest index, CROX, which tracks the 12 most traded stocks on the Zagreb market and is calculated by the Vienna bourse, stood at 1,956.73 points in euro terms, up 1.25%.

The share price of INA recovered, rising 2.28% to 2,875 kuna on the day’s largest turnover of 12.2 million kuna. It exceeded the 2,800-kuna takeover offer of the company's strategic partner, Hungarian peer MOL.

Telecommunications company T-HT, an index heavyweight, was up 0.11% to 272.30 kuna on a 9.8 million kuna turnover.

Atlantska Plovidba’s share price rose 2.12% to 2,170 on a 3.2 million kuna turnover. Atlantska Plovidba clawed back some of its Thursday losses despite a further correction in the Baltic Dry Index below the psychological level of 5,000 points, the analyst added. This index measures world freight rates for dry cargo vessels.

Other blue chips that on Friday reversed their losses from a day earlier included telecommunications equipment Ericsson Nikola Tesla, up 4.49%, civil engineering institute IGH, up 0.48 %, and electrical equipment producer Koncar, up 2.96%.

Turnover in floor trading was 48.8 million kuna ($9.6 million/6.9 million euro), down from 78.8 million kuna a day earlier.

The fixed-income Crobis index added 0.07% to 96.22 points.

(1 euro =7.1209 Croatian kuna)