March 4, the first working day after the long weekend did not start well for the Bulgarian Stock Exchange (BSE). Most indices ended lower as sellers were more active than buyers and in a “portfolio-restructuring mood”, brokers told SeeNews wire agency. The blue-chip Sofix index, including the 16 most liquid stocks on the BSE, fell 3.01 per cent to 1386.51 points and the broader BG40, the index that tracks the 40 most traded shares, dropped 2.34 per cent to 400.41 points.

“There was […] restructuring of portfolios in anticipation of the financial statements due to be released next month, after which we will be able to see the trends for the whole year,” Nikolai Vitliemov, a broker with Varchev Finance brokerage told SeeNews. “It is also possible that foreign capital was exiting positions,” he said. The most liquid companies were the biggest losers. Bulgaria’s largest fuel retailer Petrol and drug maker Sopharma, both part of the Sofix index, and industrial group Synergon Holding, part of the broader BG40 index, saw some of the biggest losses.

Shares in Petrol fell 13.54 per cent to 5.17 leva on a volume of 40 833 traded shares. Sopharma stocks ended 4.4 per cent lower at 7.17 leva as 11 873 shares changed hands. Shares in Synergon Holding fell 1.54 per cent to 10.83 leva on a trade volume of 32 439 shares.

“There was no particular reason for the drop. The income statements of the companies were not bad, they were satisfactory but did not exceed expectations,” Vitliemov said.

In total, 91 shares fell, 38 gained and 13 closed unchanged on March 4.