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Nov 16, 2007 18:54 EEST
(updates with closing prices)</p> LJUBLJANA
November 16 (SeeNews) - Slovenian stock indices gained ground on Friday after seven consecutive sessions of falls, as investors took the opportunity to snap up shares at bargain prices, brokers said.
The broader 15-share SBI20 index of the Ljubljana Stock Exchange (LJSE) added 2.11% to close at 11,014.75 points. The blue-chip index SBITOP went up 2.06% to 2,414.56 points.
“After short-term panic and partial calming down of the political situation, the indices started rising [...] The big investors who started buying today saw a great opportunity in the lower share prices,” Bine Pangrsic, an analyst with local brokerage house Medvesek Pusnik, told SeeNews.
The main reason for the falls in the previous sessions was uncertainty about the future of the centre-right government coalition of Prime Minister Janez Jansa, brokers have said.
Jansa said on Tuesday that he did not rule 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. Late on Thursday, Jansa said in an interview for state-run broadcaster TV Slovenija that he would call a confidence vote in his government in parliament.
“Some people expected the government to resign yesterday and when it didn’t come to this, it seems they took it as positive,” Pangrsic said.
He said the biggest gainers on Friday were the shares that lost most in the previous days, pointing to blue-chip rubber-to-tourism holding company Sava, household appliance manufacturer Gorenje and Telekom Slovenije
Sava gained 6.25% to close at an average price of 580.04 euro ($848). Telekom Slovenije rose 3.52% to 404.12 euro and Gorenje went up 1.48% to 41.13 euro.
Total turnover on the LJSE fell to 10.13 million euro on Friday from 14.12 million euro on Thursday.
($ = 0.68 euro)
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