SOFIA (Bulgaria), March 24 (SeeNews) - Bulgarian share indices ended higher on Monday in lower turnover but investors are still uncertain of the market's direction, brokers said.
"Indices rose over one percent but the uncertainly in investors is obvious. [They are] very timid, very uncertain," Severin Vartigov, a portfolio manager at BenchMark Asset management, told SeeNews.
The SOFIX index, which includes the 19 most liquid stocks on the Bulgarian Stock exchange (BSE), gained 1.18% to 1,199.44 points after losing 10.35% last week. The broad BG 40 index, which tracks the 40 most liquid companies on the bourse, ended 1.30% higher at 343.13 after plunging 9.46% last week.
"Trading was not very active. Although the volume reached some 8.5 million levs ($6.7 million/4.4 million euro), half of it was block and pre-agreed deals. So it was actually four million and a half, which is the average for the past two months," Vartigov said.
Newcomers engineering, construction and energy group Enemona and printing and advertising company Billboard, which started trading earlier this year, were among the gainers on Monday, Vartigov said.
Enemona shares added 3.39% to 17.60 levs in a volume of 30,575 shares, while Billboard gained 2.63% to 8.52 levs as 22,196 shares changed hands.
Blue-chip industrial group Synergon Holding jumped 5.25% to 9.0 levs in a volume of 118,149 shares.
Companies’ first-quarter financial results, due next month, will influence whether the stock market in Sofia will stay in a long-term positive trend or remain unstable, Vartigov said.
"Currently the companies are traded at quite attractive levels […]. According to me, the market has potential to rise," Vartigov added.
Overall 71 shares rose, 58 fell and 12 ended unchanged. BSE's total turnover, including block transactions and other pre-agreed deals, fell to 8.5 million levs from 9.4 million on Friday.
BSE's BG TotalReturn30 (BG TR30) index, in which companies with a free float of at least 10% have equal weight, gained 1.59 % to 793.76. The BG-REIT index, which tracks the performance of real estate investment trusts, rose 1.0% to 96.82.
The Dnevnik 20 index, calculated by local Business daily Dnevnik from the share prices of the 20 leading companies in terms of liquidity and market capitalisation, slipped 0.09% to 174.7.
(1 euro = 1.95583 Bulgarian levs)
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