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Oct 26, 2007 19:47 EEST
October 26 (SeeNews) - The slide in Croatian share indices continued on Friday on profit taking after a surge in share prices last week, brokers said.
“Last week the share prices jumped and this week investors cashed their profits,” Ivana Bergam, fund manager with fund management company Interinvest, told SeeNews.
“The market performs above my expectations and many share prices trade at levels that have nothing to do with their fundamentals. I look rather at markets aboard,” Bergam said and added that she would like to see a correction on the domestic market to buy some shares cheaper. Given the strong liquidity on the Croatian market she expects the share prices to recover next week.
Turnover in shares and bonds in floor trading was 144.7 million kuna ($28.3 million/19.7 million euro), down from 165.3 million kuna a day earlier.
The 30-share Crobex index of the Zagreb Stock Exchange (ZSE) declined 0.44% to 5,301.8 points on losses in oil and gas company INA, several construction firms, and telecom equipment maker Ericsson Nikola Tesla. The Crobex remained very close to its all-time high of 5,392.9 points, which it reached in mid-October.
The Croemi 20-share index of commercial bank Raiffeisenbank Austria was down 0.57% to 4,316.14 points.
Both the Crobex and the Croemi have gained more than 60% 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, dropped 1.23% to 2,757.54 in euro terms.
Index heavyweight INA lost 0.56% to 2,650 kuna on 8.2 million kuna turnover in Zagreb. The probable reason for the drop was that the share prices of its regional peers are much more favourable, Bergam said.
Blue-chip civil engineering institute IGH fell 1.68% to 15,130 kuna on 8.9 million kuna of turnover. “IGH’s share price surged 16% last week, and after such a strong growth, a drop is common," she added. Another construction share, INGRA, followed suit, losing 1.65% to 59,500 kuna on the biggest daily volume in Zagreb, of 26.8 million kuna.
Ericsson Nikola Tesla, in which Swedish giant Ericsson has almost 50%, lost 1.44% to 3,350 kuna on 430,200 kuna of turnover. Bergam attributed the recent slide in Tesla’s shares to the poor results that its parent company released some 10 days ago. “I don’t expect anything spectacular from Tesla’s results, either,” she added. Tesla will release its third-quarter results on Tuesday.
The bourse’s new star, telecom T-HT whose shares were floated earlier this month and is not part of the Crobex, was down 1.0% to 379 kuna on 24.1 million kuna of turnover.
Overall, losers outnumbered gainers by 61 to 50 and 26 shares were unchanged.
The fixed-income Crobis index was up 0.03%, to 98.1084.
(1 euro=7.3503 Croatian kuna)
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