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market HIGHLIGHTS
BSE opened strongly up but the investors hurried to reduce their positions and pushed down most companies. Number of deals decreased as well as traded volumes. However, SOFIX and BG40 managed to finish in the green. The main index was supported by almost 40% from its components, leaded by Sparky Eltos (ELTOS: 11.20; +4.58%), Industrial Holding Bulgaria (IHLBL: 7.80; +4.28%) and Bulgarian American credit Bank (BACB: 70.80; +4.10%). ELTOS was subject of broad-based interest and rapidly soared to BGN 11.50. The low liquidity could continue to restrain the market as participants maintained cautious and wait and see what a turn foreign markets will take. Financial sector closed on the upside. First Investment Bank (FIB: 8.22; +0.24%) was the most traded position but closed near the flat line.
BG40 (LS)/ SOFIX (RS) (chart)
| SOFIX | 1276.62 | 0.66% | 8.35 |
| BG40 | 362.19 | 1.09% | 3.91 |
| BGTR30 | 824.38 | -0.20% | -1.64 |
| BGREIT | 97.50 | -0.03% | -0.03 |
| Number | Turnover | |
| Stocks | 613 185 | 6 637 769.17 |
| Bonds | 1 150 | 2 204 658.77 |
| Compensatory Notes | 55 475 | 23 850.91 |
| Primary market | - | - |
Stocks in focus
MONBAT (chart)
Monbat (MONBAT: 26.17; +1.28%) announced its 2008 –2009 investment program after the session closed. The battery producer foresees to increase the production capacity to 3 100 000 starter batteries per year until July, 2009 and to double the production capacity for telecommunication, stationary batteries to 200 000 until the end of 2008. The total amount of the planned investments for is BGN 64.2 m – BGN 39.2 m for 2008, mainly for increasing the production capacity of Monbat and Start (BGN 16.4 m) and for modernization. The company plans to put in exploitation two new factories:
- factory for old accumulator batteries recycling in the Republic of Serbia – July, 2008;
- factory for old accumulator batteries recycling in the Republic of Romania – October, 2008.
Till the end of 2010 MONBAT will invest BGN 31 m in the establishment of new company in the city of Dobrich for production of traction batteries for electric trucks. The investment program will be finance with bank loans (up to BGN 16 m), own resources, leasing and/or bond issue. MONBAT settled in the recent spread during the session in moderate volumes. Cross deal at BGN 26.18 supported the daily volumes.
Bulstrad Insurance & Reinsurance /BSTR/ (chart)
management of Bulstrad Insurance and Reinsurance (BSTR: 155.00; +3.33%) expect the insurance market to increase by 13% to 20% for 2008. Car insurances maintained the general driving power for the market and will continue to predominate. BSTR premium income for 2007 amounted BGN 177.5 m. assets improved by 9.5% y-o-y. P/E is too high. Only three shares changed hands during Wednesday’s session as recently, the insurance company stayed aside from the market’s attention.
Momina Krepost /MOMKR/ (chart)
Momina Krepost (MOMKR: 61.55; +2.58%) expects the total revenues for 2008 to increase by 10% to 15% as compared to 2007. Expected net profit is around BGN 182 000 or 4% to 5% above 2007. Priority during the year will be improving of the market share. On March, 20 MOMKR will lead a GMS to vote a capital increase to BGN 1.69 m at the expense of additional reserves.
The company was traded in insignificant volumes during Wednesday’s session. MOMKR settled in the recent price spread as speculators stayed aside. P/E is extremely high.
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Bulgaria Daily Report 19 03 2008.pdf, 60 Kb
