NKBM Bank Drags Down Slovenian Stock Indices

The blue-chip SBITOP index of the LJSE lost 2.3% to close at 1,462.18 points and the broader 15-share SBI20 index fell 1.85% to 6,545.93.

The country’s second largest bank by assets, NKBM, was the biggest loser among the 10 blue chips, falling 9.39% to an average price of 20.46 euro ($30) on turnover of some 147,000 euro. It last traded at 20.33 euro, down from its Monday’s close of 22.58 euro.

Earlier on Tuesday NKBM said it would issue new stock at a price of 19.5 euro per share, seeking to raise up to 111.15 million euro in order to finance further growth.

The issue price, which was lower than the market price of the bank's shares at the time it was announced, knocked down the NKBM stock, Marko Bolaric, a broker at local Abanka Vipa, told SeeNews. The broader negative market trend also contributed to the fall, he added.

Bolaric said NKBM's price may fall further to the issue price of 19.5 euro on Wednesday.

Heavyweight blue-chip drug maker Krka as another decliner, losing 3.28% to an average price of 80.44 euro in the day's highest turnover of 1.854 million euro.

Port operator Luka Koper was the only gainer among the blue chips, adding 0.15% to 47.61 euro on some 127,000 euro of turnover.

Bolaric said movements on the LJSE in the next few days will depend how foreign markets fare.

LJSE's total turnover fell to 4.77 million euro on Tuesday from 7.9 million euro on Monday.

($ = 0.6765 euro)