market trend
The Bulgarian market closed the week on the upside after a round of increases and declines. The market remained under the influence of the international stocks. The week begun with modest gains, which accelerated on Tuesday but the panic again predominated and pushed down the market at the end of the week. Friday’s session closed with modest gains. Speculators were the main players but we saw some institutional investors’ movement. The level of 600 points provided good support of SOFIX but could be easily brake if the sell off persist. Several companies were subject of large package transaction. Only Bulgarian American credit Bank (5BN) announced 3Q financial report.
BG40 (LS)/ SOFIX (RS) (chart)
Trading Activity
Overall volumes remained moderate and banks again were among the most traded positions. Large package transactions with Bulgarian American credit Bank’s (5BN) shares boosted Friday’s turnover. Totally 214 626 shares changed hands at average price of BGN 22.019. The bank is with lowest P/E in the sector.
Traded Volumes in BGN (chart)
SOFIX
| Stock | Last Price | Weekly Change | Bid | Ask |
| Albena | 40.705 | 7.92% | 41.30 | 42.30 |
| Bulgarian-American credit Bank | 22.019 | 7.40% | 22.11 | 23.00 |
| Central Cooperative Bank | 2.198 | -1.21% | 2.08 | 2.19 |
| Chimimport | 4.183 | 9.33% | 4.07 | 4.10 |
| Corporate Commercial Bank | 71.081 | 1.53% | 70.00 | 73.50 |
| Elana Opportunity Land Fund | 1.155 | 4.43% | 1.15 | 1.17 |
| Enemona | 9.133 | 8.87% | 8.91 | 9.18 |
| Euro Ins | 3.88 | 4.72% | 3.77 | 3.87 |
| First Investment Bank | 3.795 | 22.14% | 3.71 | 3.87 |
| Holding Roads | 13.036 | 6.21% | 12.07 | 12.70 |
| Industrial Holding Bulgaria | 4.492 | 0.99% | 4.34 | 4.45 |
| Kaolin | 4.915 | 12.14% | 4.88 | 5.08 |
| Lead and Zink Complex | 17.467 | -7.55% | 17.01 | 17.56 |
| M+S Hydraulic | 6.482 | 1.49% | 6.46 | 6.50 |
| Monbat | 6.822 | 13.51% | 6.71 | 6.75 |
| Neochim | 69.5 | 5.21% | 68.30 | 69.40 |
| Orgachim | 109.186 | 10.86% | 108.50 | 112.00 |
| Sopharma | 2.357 | 10.87% | 2.28 | 2.30 |
| Sparky Eltos | 4.276 | 3.11% | 4.21 | 4.49 |
| Toplivo | 10.442 | 5.56% | 10.03 | 10.49 |
First Investment Bank (5F4) outperformedthe main index on weekly basis. The bank was traded in lower volumes as compared to the previous week but attracted investors’ attention and closed on the upside. On the other side was Central Cooperative Bank (4CF) and Lead and Zinc Complex (5OTZ). The industrial company was subject of persistent sell off during the entire week and closed below BGN 18.00 in thin volumes.
- 13 October 2008: Kapitan Dyado Nikola (3KN) appointed a GMS on November 29, 2008 with main item in the agenda profit allocation decision. Voting right will have all shareholders registered with in the Central Depository by November 14, 2008. The final date for transacting shares of the company as a result of which the holder will be entitled to exercise voting right at the GMS, will be November 12, 2008.
- 14 October 2008: The GMS of Energoremont Holding (6EG) decided to distribute BGN 0.05 gross dividend per share. The right on dividend will have all shareholders registered in the Central Depository by October 27.
- 14 October 2008: Euro Ins (5IC) appointed an extraordinary GMS on November 11, 2008 with main item in the agenda decision for the capital increase of the company. The company plans to offer for subscription almost 2.5 m new shares with BGN 4.00 issuing value. The final date for transacting shares of the company as a result of which the holder will be entitled to exercise voting right at the GMS, will be November 12, 2008.
- 14 October 2008: Stara Planina Hold (5SR) will start the procedure of buying back up to 105 000 own shares (0.5% of the capital). The minimal buy back price is BGN 2.15 and the maximum BGN 2.80.
- 15 October 2008: Monbat (5MB) announced that the Minister of Ecology of the Republic of Serbia was ceased the implementation of company’s project in Injia – Serbia but no remarks related to the ecological and technical implementation of the project had been made.
- 15 October 2008: GMS of Sparky (SPV) decided to pay BGN 0.30 gross dividend per share. Dividends will be paid out from October 27, 2008 till January 01, 2009. The dividend will be paid out through the branches of UniCredit Bulbank. The right on dividend will be entitled to all shareholders registered in the Central Depository by July 14, 2008 (Record Date).
Upcoming Events
- 20 October 2008: The GMS of the Bulgarian American credit Bank (5BN) will be lead today. The shareholders will vote a proposal for changes to the supervisory board of the bank.
- 23 October 2008: The shares issued as part of thecapital raise operations of ZMM Metalica (3ZD), Optela-Laser Technologies (3OO) and Drujba Staklarski Zavodi (4DR) will be listed for trading on BSE on Thursday.
- 24 October 2008: Friday is the last day for the subscription of bonds of Industrial Holding Bulgaria (4ID). The issue amounts BGN 21.878 m divided in 218 780 bonds with par and issue value of BGN 100.
Macroeconomy
- Bulgarian National Bank announced that the current account deficit amounts EUR 4.77 billion at the end of August, which is 42% up y-o-y. The deficit is 14% from GDP. The trading deficit for the first eight months of 2008 was EUR 5.75 billion. The export amounted EUR 10.65 billion (or 22.4% up on yearly basis) and the export is EUR 16.3 billion (25.4% up y-o-y). The financial account has positive balance.
Bonds
3M SOFIBOR (chart)
The interbank interest rates jumped solidly last week as banks continued to tight their lending standards and to have difficulties of acquiring capitals from abroad. However, the authorities and the National Bank are considering the possibility to decrease the minimum requirement reserves on deposits, which will free additional resources.
WEEKLY HIGHLIGHTS
CHIMIMPORT /6C4/ (chart)
EUROHOLD Bulgaria /4EH/ (chart)
FIRST INVESTMENT BANK /5F4/ (chart)
PETROL /5PET/ (chart)
SOPHARMA /3JR/ (chart)
FINANCIAL SECTOR (table)
INDUSTRIAL SECTOR (table)
BASIC MATERIALS SECTOR (table)
CYCLICAL CONSUMER SECTOR (table)
ENERGY SECTOR (table)
OTHER (table)
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