market WRAP-UP
The week ended with a quite negative trading session as heavy sell pressure since the opening pushed the indices down. The top loser among indexes was SOFIX which lost 2.61% to 307.42 bps. BG 40 closed at 95.92 bps (-2.17%). BGTR30 reached 227.28 bps (-2.31%) and BG REIT fixed at 44.28 bps (-0.25%). BSE's overall turnover came in at BGN 5.89m. Among the top losers of the session were Sparky Eltos (SL9, BGN 1.37, -11.61%), Industrial Holding Bulgaria (4ID, BGN 1.2, -9.77%), Neohim (3NB, BGN 29.5, -8.39%) and Bulgarian-American credit Bank (5BN, BGN 9.5, -7.3%). The day gainer was Industrial Capital Holding (4I8, BGN 2.1, +19.32%), followed by Albena (6AB, BGN 24, +4.35%). On the REIT territory the main issue to pull down the index was BenchMark Fund Estates (6BMA, BGN 0.63, -12.8%).
| Sofix | BG 40 | BGREIT | BGTR30 | |
| Value | 307.42 | 95.92 | 44.28 | 227.28 |
| 1-day change (%) | -2.61 | -2.17 | -0.25 | -2.31 |
| 7-day change (%) | -5.31 | -5.80 | -1.69 | -7.21 |
| 90-day change (%) | -43.90 | -35.89 | -22.79 | -40.91 |
| 365-day change (%) | -76.73 | -75.54 | -55.16 | -73.72 |
| BSE Daily Volume (shares) | 2 555 021 |
| BSE Daily Volume (BGN) | 5 885 155 |
| Avg Daily Turnover YTD (BGN) | 3 020 466 |
| Avg Daily Turnover 12 mo. (BGN) | 9 591 894 |
Most recent macro data
| Inflation (HICP, M/M Dec) | -0.4% |
| Inflation (HICP, cum. 2008) | 7.2% |
| LEONIA Reference Rate | 3.70% |
| SOFIBOR /3 months/ | 6.874% |
| GDP Growth (Y/Y Q3 2008 prelim) | 6.8% |
| Unemployment (Nov 2008) | 5.9% |
exchange rates
| Current | Change | |
| BGN/USD | 1.50634 | -0.00863 |
| BGN/EUR | 1.95583 | Fixed |
| EUR/USD | 1.2984 | 0.0074 |
Sofix/ BG 40 / BGREIT / BGTR30 (charts)
DAILY TRADING (selected stocks) (table)
All figures in BGN (BGN/EUR rate fixed at 1.95583)
Compensatory Instruments (table)
ECONOMY AND POLITICS
Real estate
Housing prices down 4% QoQ in Q4 2008
Housing prices in Bulgaria dropped 4% QoQ in the last quarter of 2008 to an average of BGN 1,363 per square metre, shows data released by the National Statistical Institute /NSI/. For the whole year, however, there was significant growth with prices jumping 25% compared to 2007. The data excludes newbuilt houses and luxury apartments and are based on the prices of sold properties. According to NSI, the prices of apartments in Sofia jumped the highest, gaining almost 48% last year. In Lovech, Pleven, Plovdiv, Rousse and Yambol prices rose around 30%.
Source: NSI, FFBH
Macroeconomic news and statistics
Nearly half of Bulgarians live with BGN 600 per month
About 40% of all Bulgarians live on a monthly household income of BGN 600, according to data from a research conducted by the Bulgarian "Noema" agency in December of 2008. Another 30% have a monthly household income of over BGN 1000. In comparison, in 2007, those with a monthly household income of BGN 600 were 52% of the households while those with a monthly household income of over BGN 1000 - 22%.
Source: Novinite.com
CORPORATE news
Chimimport AD [6C4]
Chimimport diversifies funding sources
On an extraordinary meeting, scheduled for 11 March, the shareholders of Chimimport will vote on two amendments to the Bylaws. The first one will allow the company to issue preferred shares. These shares may carry fixed or extraordinary dividends, may have a convertibility feature into common stock and all other rights under the Bulgarian legislation. The second amendment will entitle the Board of Directors to increase share capital to up to BGN 250m in the next 5 years.
Source: Chimimport, FFBH
Kremikovtzi AD [4KW]
Kremikovtzi talks supposedly enter final stage
Ukrainian company Smart Group has reached an agreement in principle on its commitments if it comes out to be the new owner of steel mill Kremikovtzi, said Deputy Economy Minister Nina Radeva, who took part in last week’s talks. The details will be included in a special memorandum which will put the start of a rescue plan for the plant. In the final stage of the negotiations, the Ukrainian company will meet with creditors. Sources familiar with the matter said the state is unlikely to approve any action without securing the nod of bondholders. Brazil’s mining giant CSN, which did not arrive for talks with the Economy Ministry last week, is also in the race agreeing details with bondholders. Last week it emerged an appeal hearing on the claim of a BGN 698 million state aid has been postponed. The claim places the government as the top creditor with 35% of total debts. If the claim is rejected, the government’s share will shrink to almost 18% while bondholders will emerge on top with 43% and will play the lead role at the creditors’ meeting. Kremikovtzi’s bonds currently trade at 7 to 10% of face value.
Source: Dnevnik
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