Profit-Taking Sends Croatian Stocks Lower

"The local benchmark CROBEX dipped below the 1,700-point level amid profit taking in the most liquid issues like [shipping company] Atlantska Plovidba, [construction companies] IGH and Dalekovod,” said an analyst with Hypo Alpe-Adria-Bank.

The 28-share CROBEX index of the Zagreb bourse fell 2.18% to 1,667.55 points. The CROEMI 20-share index, calculated by Raiffeisenbank Austria, declined 2.28% to 1,518.80 points.

The narrowest index, CROX, which tracks the 12 most traded stocks on the Zagreb market and is calculated by the Vienna bourse, lost 2.07% in euro terms to 1,027.39 points.

Telecommunications company T-HT, an index heavyweight, fell 0.56% to 197 kuna on the day’s largest turnover of 5.6 million kuna. Atlantska Plovidba lost 3.15% to 610 kuna on 5.4 million kuna of turnover.

Dalekovod was down 3.24% to 303 kuna on 3.9 million kuna of turnover, while IGH dropped 4.8% to 3,651 kuna on 1.8 million kuna of turnover.

Turnover in floor trading fell to 28.4 million kuna ($5.1 million/4.0 million euro) from 38.6 million kuna a day earlier.

The fixed-income CROBIS index was up 0.14% to 89.82 points.

(1 euro = 7.1830 Croatian kuna)