October 1 (SeeNews) - Trading in the shares of Croatian confectionery producer Kras [ZSE:KRAS] contributed almost half of the total turnover on the Zagreb Stock Exchange (ZSE) on Tuesday, as their price fell sharply, bourse data showed.
Kras closed at 900 kuna, down 6.25%, in a turnover of 12.6 million kuna, data posted on the ZSE website showed. On Monday, its share price fell by 4%.
Earlier on Tuesday, Cyprus-registered Kappa Star, which is owned by Serbian businessman Nebojsa Saranovic, said it has raised its stake in Kras to 21.185% from 16.678%.
On Monday, Kras said the shareholders of Kras-ESOP decided not to join Braca Pivac in its plans to launch a buyout bid for Kras.
On Friday, Kappa Star, which has been raising its stake in Kras over the past weeks, said it too has no intention to launch a voluntary buyout bid for the company shares it still does not own.
On September 9, Croatian meat producer Braca Pivac said it plans to launch a joint buyout bid with local trading company Kras-ESOP for the remaining stake of 50.82% in Kras the two firms do not own among themselves yet.
The company's shares were trading below the 400 kuna mark before the buyout plans were announced.
The ZSE share indices fell on Tuesday, as telecommunication equipment manufacturer Ericsson Nikola Tesla [ZSE:ERNT] led the blue-chip losers, bourse data showed.
Ericsson Nikola Tesla closed 2.53% lower at 1,155 kuna.
Shipbuilding company Viktor Lenac [ZSE:VLEN], paced the blue-chip gainers on Tuesday, for a second day in a row, as its share price rose by 8.33% to 6.50 kuna.
Hrvatski Telekom [ZSE:HT], contributed the biggest portion of trading turnover among the blue chips on Tuesday, also for a second day in a row, of 4.9 million kuna, including a 4 million kuna block transaction. The company's shares closed 1.2% higher at 169 kuna.
ZSE's total trading turnover fell to 27.4 million kuna ($4.0 million/3.7 million euro), from 33.5 million kuna on Monday.
The 25-share benchmark CROBEX index fell by 0.50% to 1,953.77 after dropping 0.77% in the previous trading session.
The narrower of the ZSE's two blue-chip indices, the CROBEX10, which tracks the leading companies in terms of free float, market capitalisation and liquidity, decreased a further 0.39% to 1,161.60 after losing 0.88% on Monday.
The fixed-income CROBIS index edged down 0.01% to 116.8876.
(1 euro = 7.41455 kuna)