Highlights:
- The CROBEX plunged 7.6%, the most in more than five years
- MOL will not sell INA refineries or gas business
- IMF expects 7% inflation for Croatia in 2008
- Atlantska plovidba acquires 4,000 own shares
market comment:
A new wave of utter pessimism struck the Croatian equity market on Thursday, resulting in enormous losses. The market witnessed a panic sell-of, with HRK 152mn in total regular turnover, the most in the last eight months. The CROBEX plunged 7.6%, the most in more than five years, to 2,460 points, a level last seen in May 2006. The great majority of stocks traded on the market suffered severe losses, with only one winner among the 50 most liquid stocks. The average and median loss of the 50 top turnovers amounted to a stunning -9% and -8%, respectively, with 18 stocks recording double-digit drops. Brewery Zagrebacka pivovara fell 17%, construction company Viadukt dropped 15.1% and shipping company Jadroplov lost 15%, just to name a few losers among the high turnovers. The only winner among the top 50 turnovers was – surprisingly - Zagrebacka banka, which gained 2%, although it was suspended during the day, due to an excessive decline.
market outlook:
As foreign markets continue to record price decreases we do not expect that Croatian market will move in different direction.
Corporate news:
MOL will not sell INA refineries or gas business
Representatives of MOL confirmed that they are not going to sell refineries or the gas business operated by Croatian oil company INA. This announcement came as a response to speculation on the domestic financial market. According to MOL, they are going to further expand the gas business and continue to modernize refineries, which is not expected to be finished before 2011.
IMF expects 7% inflation for Croatia in 2008
Analysts at the International Monetary Fund lowered their estimates of growth for Croatia and increased their inflation forecasts. The forecasted economic growth for 2008 is set at 3.8%, instead of 4.3%, while, according to the new scenario, their estimates for 2009 stand at 3.7%. The IMF expects to see inflation of 7% in 2008. Domestic analysts are even more conservative regarding economic growth - they see estimated inflation of 7% as too high and expect to see inflation within a range of 5% to 6%.
Atlantska plovidba acquires 4,000 own shares
Shipping company Atlantska plovidba announced on Thursday that it acquired 4,000 own shares in a block transaction on the Zagreb Stock exchange on October 6. After this transaction, the company holds 128,070 own shares, representing a 9.18% share in the equity.
Crobex (chart, table)
Top 10 Turnovers (table)
Top 5 Winners (table)
Top 5 Losers (table)
Croatian Equity Daily (table)
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To view the original document, please click on the link below:
http://reports.aiidatapro.com/CBB/ErsteSecurities/Daily_10_10_2008.pdf
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Copyright: Erste Securities Zagreb, Croatian Equity Daily, Thursday, May 31, 2007 sales : Zeljka Kajkut-Brni Phone: +385 62 37 2811 kajkutz@erstebank.com Damir Eror Phone: +385 62 37 2813 erord@erstebank.com Research: Damir Cukman Phone: +385 62 37 2820 cukmand@erstebank.com Davor Spoljar Phone: +385 62 37 2825 dspoljar@erstebank.com
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Daily 10 10 2008.pdf, 186 Kb
