Headlines
- Chugunoleene Cuts Staff
- Agropolychim to Halt Production
- Half of the Hotels in Albena to Remain Closed in 2009
- Bulgaria Needs EUR 12 bn for its Water Infrastructure
| Value | Daily Chng | YTD Chng | |
| SOFIX | 407.24 | -7.39% | -76.96% |
| BG 40 | 117.78 | -9.11% | -77.27% |
| BG REIT | 52.24 | -0.72% | -49.40% |
| BGTR 30 | 314.19 | -5.74% | -71.37% |
| Shares Turnover (BGN thnds) | 4 471.31 |
| Bonds Turnover (BGN thnds) | 1 186.16 |
| market Capitalisation (BGN mln) | 12 290.57 |
| market Capitalisation/GDP | 19% |
| Top Gainers | Ticker | Change |
| FairPlay Properties REIT | 6F3 | + 19.87% |
| Doverie United Holding | 5DOV | + 0.50% |
| Investor.bg | 4IN | + 0.00% |
| Top Losers | Ticker | Change |
| Plovdiv-Yuri Gagarin BT | 4PX | -32.09% |
| Energoremont Holding | 6EG | -30.69% |
| Neochim | 3NB | -20.35% |
* Gainers: Among shares with turnover above BGN thnd 10;
Losers: Among shares with turnover above BGN thnd 4;
| P/E, ttm | Value | Daily Chng | YTD Chng | Turnover (BGN thnds) |
| 5.45 | 407.24 | -7.39% | -76.96% | 1 339 |
Trends
SOFIX (chart)
Overview
BG40 Loses 9.11% in Biggest Slump Ever
Bulgaria's stock market fell sharply on Thursday with the broad BG40 index losing as much as 9.11% to 117.78 in its biggest ever slump since the index was launched in 2005. The blue-chip SOFIX index dipped by 7.39%, which brought it back to late 2003 levels as it ended at 407.24.
The volume of trading in shares jumped to BGN 4.47 from BGN 1.6 mln in the previous session.
Real estate investment trusts (REITs) were among the most liquid. Shares in Effekten und Finanz Properties REIT [EF1; -4.86%] worth BGN 700,050 were traded as the stock lost 4.86% to BGN 1.08. Another REIT, Bulgarian Real Estate Fund REIT [5BU; -9.33%] was today's second most liquid company. The share ended at BGN 0.68, down by 9.33% in a volume of BGN 695,926. FairPlay Properties REIT [6F3; +19.87%], which was among the top 5 in terms of liquidity, surged by 19.87% to BGN 0.95 in a volume of BGN 416,740.
Doverie United Holding [5DOV; + 0.5%], which on Wednesday was among the top gainers, edged up by 0.5% to BGN 8.0 in a volume of BGN 30,552. Neochim [3NB; -20.35%], on the other hand, slumped by 20.35% to BGN 45 in a volume of BGN 78,570, falling for a fifth consecutive session.
Corporate news
Chugunoleene Cuts Staff
Local gray and cast iron producer Chugunoleene [59C] will lay off 25% of its staff due to a sharp decrease in exports caused by the global financial turmoil, the company announced on Thursday. The staff cut is part of the cost reduction measures undertaken by the management. Chugunoleene exports 85% of its production and a drop in orders from its key markets like Italy, Germany and France has put it in “an extraordinary situation”, the company said.
Agropolychim to Halt Production
Unfavorable market conditions will probably push the biggest Bulgarian fertilizer producer Agropolychim, controlled by the U.S. Acid & Fertilizers, to suspend operations for several months as of November 21. The main reason for the move is a fall in exports, which contributes to 60% of company’s sales, due to the global financial crisis and local farmers’ shortage of funds as a result of frozen EU financing, the management said. Production may be resumed in February 2009 if the local market revives but the company could be forced to significantly reduce its 1 100–strong workforce if the halt continues for too long, it was added.
Half of the Hotels in Albena to Remain Closed in 2009
Half of the hotels in Albena [6AB] will remain closed next season in the worst-case scenario, the management of the Black Sea resort said. The company prefers to close some of the hotels rather than working at loss, the CEO of the company Krasimir Stanev said. He also said that tourism would likely be one of the sectors hardest hit by the global crisis. The bottom line of the company will drop by 20% y-o-y, to some BGN 13 mln, Stanev added. Albena tries to sell its real estate investment in the town of Balchik – White Lagoon and Balchik Gardens. Stanev said that Arabian and Russian investors had declared interest in the projects but did not elaborate.
Economy and Politics
Bulgaria Needs EUR 12 bn for its Water Infrastructure
EUR 12 bn must be invested in Bulgaria’s water infrastructure, said Georgi Georgiev from WTE, a subsidiary of Austrian conglomerate EVN, at a conference in Istanbul. The water supply and sewerage system in Bulgaria is extremely obsolete, with 70% of the infrastructure being 20-30 years old, Georgiev also said. Currently 72 purification plants are being built in Bulgaria while their number till 2014 should be over 400. Meanwhile EVN declared willingness to become a strategic investor in the construction of the hydro energy cascade “Gorna Arda”, the executive director of EVN - Bulgaria Stefan Shishkovitz said on Thursday. EVN owns the electric distribution companies operating in Southeastern Bulgaria and heating company “Toplofikazia – Plovdiv”.
Upcoming Events
Asenova Krepost AD [6AN] and Holding Asenova Krepost AD [6AS]
14.11.2008 - Asenova Krepost AD [6AN] and Holding Asenova Krepost AD [6AS] will hold shareholders’ meetings at 10:00 a.n. and 2.00 p.m. respectively at its headquarters in Asenovgrad.
BG40 Stocks (table)
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Copyright: 2006 Karoll AD. All rights reserved. For further Information please contact Karoll, 57 Hristo Botev Str, 1303 Sofia, Bulgaria |Tel. +359 2 981 13 81, fax: +359 2 986 34 66, e-mail: research@karoll.net, web site: http://www.karoll.net
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Newsletter Daily 2008.11.13.pdf, 54 Kb
