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Dec 10, 2007 19:14 EEST
December 10 (SeeNews) - Slovenian stock indices eased on Monday after five consecutive days of gains as investors were busy buying shares in the country’s second largest bank by assets, Nova Kreditna Banka Maribor (NKBM), during their first day of trading, brokers said.
The broader 15-share SBI20 index of the Ljubljana Stock Exchange (LJSE) slipped 0.02% to close at 11,475.16 points. The blue-chip SBITOP index fell 0.4% to 2,542.78.
NKBM surged to an average price of 36.61 euro ($53.53) in a lively debut in turnover of 33.479 million euro. Last week the Slovenian government set the final price of its initial public offering (IPO) at 27 euro per share, at the very top of the indicated price range.
NKBM shares hit 36-37 euro in the first few hours of trading and then calmed down, Marko Jovic, an analyst with local bank Abanka Vipa, told SeeNews. Jovic expects trading in NKBM to calm further on Tuesday and the price to hover in a range between 36 and 38 euro.
“I do not expect the turnover [on Tuesday] to be as high as it was today [...] the market will expand a bit to the other shares,” he added. The NKBM IPO was the first on the LJSE in eight years and market analysts had expected it to liven up the stagnating bourse.
NKBM influenced the whole market on Monday. Jovic said there was profit-taking in shares of blue-chip drug maker Krka as investors raised funds to buy NKBM shares. Krka lost 1.25% to 125 euro in turnover of 3.852 million euro.
Krka and fuel trader Petrol dragged the market down most, Jovic said. Blue chip Petrol was the biggest loser among the blue chips, falling 1.32% to 928.44 euro in turnover of 77,990 euro. Petrol’s turnover was low “as if it did not exist,” Jovic added.
Losing stocks outnumbered gainers by six to four. Total turnover on the LJSE rose to 42.08 million euro on Monday from 18.68 million on Friday.
($ = 0.68 euro)
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