SOFIA (Bulgaria), March 7 (SeeNews) – Sellers pushed Bulgarian stocks lower on Friday amid losses on global markets, and indices in Sofia are not seen moving much in either direction in the upcoming week or two, brokers said.
The blue-chip SOFIX index, including the 16 most liquid stocks on the Bulgarian stock exchange (BSE), fell 1.63% to 1,359.72 points, and the broader BG 40 index, tracking the 40 most traded shares on the Sofia bourse, was down 1.14% to 387.45 points.
“There were more aggressive sellers today,” Georgi Biserinski, an investment consultant with Slovenian-owned KD Securities brokerage in Sofia, told SeeNews.
Biserinski said sales hit liquid shares and mostly constituents of the blue-chip SOFIX index with sellers being mostly intermediaries and banks which usually have more foreign clients.
“Falls on global markets in the past few days have affected these investors’ behaviour and that is why they are selling today,” he said.
Biserinski said the market, which has been mostly going down for months as foreigners have withdrawn, was not likely to see significant ups or downs in the following two weeks as buyers remain in a wait-and-see position.
Fuel retailer Petrol, part of the SOFIX index, lost 0.8% to 4.7 levs in a volume of 84,286 shares. Biserinski said the stock was likely to have fallen based on poorer than expected 2007 consolidated financial results.
Shares in construction firm Holding Roads and lead and zinc smelter OTZK went slightly up following Thursday’s announcement that they will be included in the SOFIX index effective March 13. Holding Roads added 0.42% to 1,170 levs with 134 shares changing hands. OTZK ended 0.18% higher at 68.18 levs in a volume of 594 shares.
BSE's total turnover, excluding block and other pre-agreed deals, rose to 7.0 million levs ($5.5 million/3.5 million euro) from 5.3 million levs on Thursday.
Overall, 78 shares fell, 42 rose and 18 closed flat.
The BG TotalReturn30 (BG TR30) index, in which companies with a free float of at least 10% have equal weight, lost 0.74% to 873.71 points. The BG-REIT index tracking the performance of real estate investment trusts, depreciated 0.51% to 100.10 points.
The Dnevnik 20 index, calculated by local Business daily Dnevnik from the share prices of the 20 leading companies in terms of liquidity and market capitalisation, was down 0.87% to 199.83 points.
(1 euro = 1.95583 Bulgarian levs)
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