and Hydroizomat were introduced to the Bulgarian Stock Exchange
(BSE). Medical equipment manufacturer Etropal, owned by Eurohold
Bulgaria, will trade 28 per cent of its capital, or 1 400 000
shares, at a closed mixed auction on the BSE on November
19 with the minimum share price set at 7.95 leva.
Hydro-insulations producer Hydroizomat will offer 300 000 shares
on November 16 with a price of between 8.50 leva and
13.50 leva a share.
Photo: GEORGI KOZHOUHAROV
The week started badly for the Bulgarian Stock Exchange (BSE) with stocks expected to register further losses, brokers told SeeNews wire agency. On November 13 the Sofix index, tracking the 17 most liquid shares on the BSE, lost 1.48 per cent to 1743.43 points and the broad BG40 index fell 0.09 per cent lower to 544.51 points.
“What happened today is a continuation of what happened on Monday, just not as strong,” Blagovest Krachev, broker at Karoll brokerage, told SeeNews. On November 12, shares fell in a correction move triggered by sharp rises earlier this year and fears that the market was forming a bubble. Krachev said that most liquid stocks lost ground on November 13 and the downward trend was likely to continue for some days. “I think these are not the lowest prices we will see,” he said.
Among those shares loosing value on November 13 were industrial conglomerate Chimimport and financial and industrial group Eurohold Bulgaria, Krachev said. The news that Eurohold Bulgaria had acquired a 49.8 per cent stake in local flexible packaging producer Plastchim T did not affect company shares as investors did not consider it enough to combat the overall correction on the market. Besides, Krachev said, such news was already calculated in Eurohold Bulgaria’s share price. Eurohold Bulgaria shares ended 0.3 per cent higher at 7.25 leva on a volume of about 114 930 shares. Their average weighted price, used in the calculation of the BG40 index, was down 1.35 per cent to 7.28 leva. Chimimport closed at 14.83 leva, down 0.5 per cent, with about 52 840 shares changing hands.
Stocks in insulation materials producer Hydroizomat were among those that gained value on November 13 with company stock surging 22.7 per cent to 13.5 leva on a volume of 450 shares. The rise was not indicative as the volume was too small, Krachev said.
On November 13, 80 shares fell, 56 rose and 28 closed unchanged. The BSE’s turnover rose to 18.4 million leva from 15.1 million leva the day before. The BSE’s BG TotalReturn30 (BG TR30) index, in which companies with a free float of at least 10 per cent have equal weight, fell 1.22 per cent to 1110.64. The BG-REIT index, which tracks the performance of real estate investment trusts traded on the stock exchange, lost 1.7 per cent to 100.68. The Dnevnik 20 index, calculated by Bulgarian-language Dnevnik daily from the share prices of the 20 leading companies in terms of liquidity and market capitalisation, lost 0.89 per cent to 279.63 points.
Meanwhile, Bulgarian engineering and construction company Enemona is considering financing its energy projects through listing an energy unit on the BSE or entering a partnership with a private equity fund, a company official said on November 13. Next year Enemona plans to spin-off its energy operations into a subsidiary and list it on the BSE, to sell a minority stake in it to a private equity fund or to partner with funds by setting up joint ventures, Enemona’s corporate policy director, Prokopi Prokopiev, told SeeNews.
