market WRAP-UP
We witnessed a quiet session on Tuesday. Although the markets worldwide rallied the sentiment in Bulgaria didn’t improve and the indices moved between gains and losses. The investor’s attention was attracted mostly by Holding Roads (6H2) and Chimimport (6C4) which both generated more than 40% of the total turnover. Holding Roads, daily top loser, dropped close to 50% in the opening after the new shares from the stock dividend were registered for trading, but later some buyers appeared and pushed the price up to BGN 4.90 (-30.00%) with more than 110k traded. Chimimport was on the opposite side as quite aggressive buyers moved the company 12.73% up to BGN 3.01. At the end SOFIX closed at 480.33 (-0.45%) which was a 52-month low, BG40 gained 4.79% to 145.37 and BGTR30 advanced 0.93% to 357.91 bps.
| Sofix | BG 40 | BGREIT | BGTR30 | |
| Value | 480.33 | 145.37 | 55.14 | 357.91 |
| 1-day change (%) | -0.45 | 4.79 | 1.12 | 0.93 |
| 7-day change (%) | -8.23 | -1.38 | 2.55 | -4.52 |
| 90-day change (%) | -52.25 | -42.16 | -37.87 | -45.78 |
| 365-day change (%) | -73.97 | -74.05 | -44.86 | -64.21 |
Note: BG REIT and BG TR30 started 31 August 2007
| BSE Daily Volume | 1 002 770 |
| BSE Daily Turnover | 2 449 414 |
| Average Daily Turnover YTD | 10 624 175 |
| Average Daily Turnover 12 months | 17 023 422 |
Most recent macro data
| Inflation (HICP, M/M September) | 0.9% |
| Inflation (HICP, cum. 2008) | 8.0% |
| LEONIA Reference Rate | 5.58% |
| SOFIBOR /3 months/ | 7.846% |
| GDP Growth (Y/Y H1 2008) | 7.1% |
| Unemployment (September 2008) | 5.8% |
exchange rates
| Current | Change | |
| BGN/USD | 1.52561 | 0.00024 |
| BGN/EUR | 1.95583 | Fixed |
| EUR/USD | 1.282 | -0.0002 |
Sofix/ BG 40 / BGREIT / BGTR30 (charts)
DAILY TRADING (selected stocks)
All figures in BGN (BGN/EUR rate fixed at 1.95583)
Compensatory Instruments (table)
ECONOMY AND POLITICS
Tourism
Tourism sector representatives offer anti-crisis plan
Bulgarian tourism sector needs BGN 20m of state aid for ad spending to keep itself in good shape, tourism sector representatives said yesterday at a meeting on the impact of the global financial crisis. However, the government has earmarked BGN 6m for the tourist agency next year, the same as for 2008.
The sector should boost ad spending, using tourist fees revenues and draw up an effective marketing strategy targeting new markets, according to the plan compiled by the tourism investors’ union.
The crisis may help Bulgarian tourism strengthens its positions as a budget destination as some regular holidaymakers should hunt for bargains, market representatives said.
Source: Dnevnik
CORPORATE news
Kremikovtzi AD [4KW]
management announces Kremikovtzi could close down by end-November
Kremikovtzi could close down before the end of November if a new investor is not found, the operative management of the plant alarmed.
According to the court-appointed receivers, the future of Kremikovtzi should become clear until the end of the week. They added that preliminary negotiations with potential investors were currently under way.
Source: Novinite.com
Holding Roads AD [6H2]
HDPAT to vote bonuses for management and Supervisory Board members
On December 19 Holding Roads shareholders will vote at an extraordinary GSM on the distribution of cash bonuses for management and Supervisory Board members. If voted, Vasil Bojkov – chairman of the Supervisory Board should receive BGN 3.84m. management board chairman Orlin Hadzhiyankov is set to receive BGN 100k and deputy chairman Philip Stoyanov BGN 60k.
The bonuses proposal stems from the good results achieved by Holding Roads in 2007 when its net profit amounted to BGN 16m.
Additionally the shareholders will decide on the set up of an audit committee.
Source: Dnevnik; FFBH
Neohim AD [3NB]
Neochim schedules extraordinary GSM for December 19
Neochim scheduled an extraordinary GSM to be held on December 19. Shareholders should vote on changes in the Directors’ Board as well as decide on set up of a 3-member audit committee.
Source: X3news.com; FFBH
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FFBH, 2 Enos Str., 1408 Sofia, Bulgaria, Phone: +359 2 810 64 21, fax: +359 2 810 64 01, e-mail: ffbh@ffbh.bg, web site: http://www.ffbh.bg
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BMU05-11-08.pdf, 68 Kb
