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market Trend
The market continued to rove between positive and negative territory during the week in light volumes and weak investors’ interest. The 4Q 2007 consolidated financial results couldn’t move the activity as the participants preferred to stay aside from the market and to wait for some positive news to break the process of consolidation. The picture at the spring of 2007 was similar when IPOs and 30% correction made investors too cautious to respond to the positive earning reports. SOFIX added 1.15% on weekly basis as well as BG40. Both indices were supported by most of their components on Friday’s session. BSE managed to break the strong correlation with international markets and indices were flat despite the turmoil in US and Europe. We see this as a positive sign and we don’t expect much pain on the downside.
BG40/SOFIX (chart)
Trading Activity
The week begun with thin volumes and low trading activity. At the end of the week investors moved up and boosted the trading. Monbat (MONBAT) was subject of broad-based interest after announced financial results as of January, 2008. On Friday’s session the battery producer set up 14% from the daily turnover and almost hit the level of BGN 30.00. Bulgarian American credit Bank (BACB) also remained in market’s attention during the week. On March, 07 is the latest date for participation in the ipo of Mekom. FSC approved the changes in Memorandum of Mecom, according which the ipo will be successful if at least 2 500 000 shares are subscribed.
Traded Volumes in BGN (chart)
SOFIX’s Components
Most of SOFIX components closed the week in the green. Petrol (PET) was the worst performer after series of sell orders, followed by Toplivo (TOPL). Industrial Holding Bulgaria (IHLBL) announced BGN 11.8 m consolidated 4Q 2007 net profit. sales improved by 20% y-o-y. P/E of 29 is still higher than the market average. The holdings couldn’t keep the market attention during the week. Sopharma (SFARM) gained on weekly basis after announced consolidated 4Q 2007 net profit, which is almost 21% higher as compared to the previous year. sales grew by 62% y-o-y, mainly due to the increased prices of medicines. Export continued to form large part from the total revenues.
| Stock | Last Price | Weekly Change | Bid | Ask |
| Albena | 95.37 | 0.39% | 94.02 | 95.37 |
| Bulgarian-American credit Bank | 72.92 | 10.69% | 68.01 | 73.80 |
| Central Cooperative Bank | 6.87 | -2.41% | 6.86 | 6.98 |
| Chimimport | 11.15 | 0.18% | 11.09 | 11.15 |
| Elana Opportunity Land Fund | 2.28 | -1.30% | 2.27 | 2.30 |
| Sparky Eltos | 13.03 | -2.91% | 12.84 | 13.00 |
| Euro Ins | 10.8 | -0.46% | 10.70 | 10.85 |
| Industrial Holding Bulgaria | 7.98 | 0.63% | 7.96 | 8.00 |
| Kaolin | 14.57 | -1.89% | 14.65 | 14.80 |
| M+S Hydraulic | 11.26 | -2.00% | 11.27 | 11.30 |
| Monbat | 29.6 | 8.62% | 28.20 | 29.80 |
| Neochim | 57 | -1.55% | 57.00 | 57.90 |
| Orgachim | 486.95 | 0.30% | 485.00 | 489.00 |
| Petrol | 5.18 | -26.63% | 5.52 | 5.98 |
| Sopharma | 7.44 | 2.34% | 7.27 | 7.49 |
| Toplivo | 21.31 | -3.14% | 21.10 | 21.35 |
WEEKLY HIGHLIGHTS
BULGARIAN AMERICAN credit BANK /BACB/ (chart)
CHIMIMPORT /CHIM/ (chart)
CORPORATE COMMERCIAL BANK /CORP/ (chart)
MONBAT /MONBAT/ (chart)
PETROL /PET/ (chart)
FINANCIAL SECTOR (table)
INDUSTRIAL SECTOR (table)
BASIC MATERIALS SECTOR (table)
CYCLICAL CONSUMER SECTOR (table)
ENERGY SECTOR (table)
OTHER (table)
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Weekly BSE 29 02 2008.pdf, 64 Kb
