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Oct 18, 2007 16:40 EEST
LJUBLJANA (Slovenia), October 18 (SeeNews) – Falls by blue-chip Telekom Slovenije dragged down the share indices on the Ljubljana Stock Exchange (LJSE) on Thursday, brokers said.
The bourse's broader 15-share SBI20 index lost 2.05% to 11,376.02 points, while the blue-chip SBITOP index ended 2.12% lower at 2,473.07.
“The majority of the blue chips fell. Telekom Slovenije was the main reason,” Tim Umberger, a broker with financial company KD Group, told SeeNews.
Umberger said that Telekom Slovenije's share price will dictate the further trends on the bourse. “Telekom Slovenije is the main story,” he added.
The telecoms company was the biggest loser among the blue chips on Thursday, falling 4.94% to an average price of 418.33 euro ($596) in the day’s highest turnover of 3.894 million euro. On Monday the country’s Economy Ministry said 12 candidates have submitted non-binding bids to acquire 49.13% of the company
“The offered price for Telekom Sloveniej is expected to be released soon. Bearing in mind today’s share price, it seems that the offered price is not higher,” Umberger said.
Earlier this month the ministry said 15 candidates had expressed interest in buying the 49.13% stake in Telekom Slovenije. Some market analysts, however, noted the absence of major foreign telecommunication companies among the potential buyers. The Slovenian government commission in charge of the sale plans to shortlist the bidders who will proceed to the second stage of the tender by the end of this month.
Energy-to-tourism holding firm Istrabenz fell further, by 2.26%, to 109.59 euro on Thursday. Last week the company lost 9.05% on Thursday and 8.73% on Wednesday after local fuel trader Petrol bid 100 euro per share. Istrabenz shares had an average market price of 135.62 euro on October 9.
“It is still not known if the government will sell its stakes [in Istrabenz],” Umberger said. State-owned funds SOD and KAD hold stakes of 16.41% and 11.81% in Istrabenz, respectively
Petrol lost 0.83% to 923.92 euro. Another blue chip, logistics company Intereuropa, lost 4.79% to 39.98 euro.
Total turnover on the LJSE rose to 12.59 million euro on Thursday from 8.07 million euro on Wednesday.
($ = 0.70 euro)
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