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market Highlights
BSE declined during the session. Buyers remained cautious and didn’t support the market at any moment. Liquid positions became more attractive as the prices returned on the lower levels and average P/E decreased to 17.24 but the negative bias is still obsessing the market. Chimimport (CHIM: 8.97; -7.05%) was the most traded position but felt below the threshold of BGN 9.00 under strong selling pressure. Holding subsidiaries declined, except Bulgarian River Shipping (BRP: 5.00; +5.49%). The number of deals remained moderate as well as the overall turnover. Monbat (MONBAT: 25.47; -2.67%) also was under pressure despite the announced investment program. The market is 100 points below its last bottom and the negative trend is pointing to new stage of risk aversion. Foreign investors are behind the current losses but speculators and funds could be also weighting on indices.
BG40 (LS)/ SOFIX (RS) (chart)
| SOFIX | 1230.37 | -3.62% | -46.25 |
| BG40 | 347.95 | -3.93% | -14.24 |
| BGTR30 | 800.80 | -2.86% | -23.58 |
| BGREIT | 96.06 | -1.48% | -1.44 |
| Number | Turnover | |
| Stocks | 1 165 940 | 10 136 586.87 |
| Bonds | 430 | 822 455.87 |
| Compensatory Notes | 118 350 | 51 636.70 |
| Primary market | - | - |
Stocks in focus
ALB
Albena (ALB: 88.40; -4.09%) finished in the red after permanent sell orders. ALB set up almost 11% from the daily turnover after several large package transactions. The consolidated 4Q 2007 net profit of ALB improved by 23.45% y-o-y to BGN 20m. sales increased by 4.51% for the same period. P/E of 18.15 is around the market average and could provide support in short term. Only 10.5% from SOFIX’s components closed in the green. Sparky Eltos (ELTOS: 11.40; +1.79%) outperformed during the market’s weakness.
Sopharma /SFARM/
Serbian Commission for Protection of Competition allowed Sopharma (SFARM: 6.17; -7.63%) to acquire majority stake in pharmaceutical company “Ivanich and sons”, Belgrad. Last year SFARM acquired 50% of a Ukrainian company.
The yearly net profit of SFARM improved by 20.8% y-o-y, whereas sales increased by62%. The company was under persistent pressure during the session.
Petrol /PET/
BSE Board of Directors decided to put under supervision the shares of Petrol (PET: 4.03; -1.71%) for three months due to failure of PET to cover the requirement for at least 10 % free-float. If after the expiry of the period PET don’t cover the requirements it will be transferred to the Unofficial market of Securities.
PET was traded in moderate volumes during the session. The level of BGN 4.00 provided good support.
Astera Cosmetics /AST/
BSE announced that shares of Astera Cosmetics (AST) will be listed for trading on March, 25. The general activity of the company is producing and trading with cosmetic products.
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Bulgaria Daily Report 20 03 2008.pdf, 63 Kb
