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Nov 14, 2007 18:01 EEST
November 14 (SeeNews) - Slovenian stock indices fell for a sixth day running on Wednesday amid uncertainty about the future of the current centre-right government coalition, brokers said.
The broader 15-share SBI20 index of the Ljubljana Stock Exchange (LJSE) lost 2.74% to 10,884.47 points. The blue-chip index SBITOP went down 2.65% to 2,379.66 points.
“We may say that today’s trading was one of the liveliest this year so far [...] New price levels were set,” Marko Jovic, an analyst with local bank Abanka Vipa, told SeeNews.
Jovic said that there was a lot of uncertainty on the market as a result of the announcement of Prime Minister Janez Jansa that he had not ruled out the possibility of his cabinet resigning after Danilo Turk, supported by centre-left parties, won Sunday’s run-off vote for president of the Alpine country.
“Some panic has been created,” Jovic said. He also said he hoped that share prices will reach more realistic levels in the future and companies will be valued according to their financial results rather than by market expectations of takeovers.
Slovenian share indices have risen by over 60% since the beginning of the year. Traders have attributed the gains to market speculation about foreign takeovers of some Slovenian companies and expectations for the privatisation of others.
Jovic said that the price movements on the bourse would depended on the nine-month results of the companies lsted there. He said that the results of those companies which had been issued so far were in line with expectations. “It depends a lot on the stability of the government and whether it will carry the [privatisation] procedures further,” Jovic added.
Rubber-to-tourism holding company Sava was the biggest loser among the 10 blue chips on Wednesday, falling 6.34% to an average price of 575.20 euro.
Telekom Slovenije lost 4.12% to 383.42 euro in the day’s highest turnover of 2.854 million euro. Last month the Economy Ministry said it had shortlisted seven candidates for the second round of the sale of 49.13% of majority state-owned Telekom Slovenije. The potential buyers have to submit their binding bids by December 18.
The total turnover on the LJSE rose to 14.35 million euro on Wednesday from 10.27 million euro on Tuesday.
($ = 0.68 euro)
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