A total of six companies included in the calculation of the broader BG40 index of the Bulgarian Stock Exchange (BSE) lost over 40% of their market value in the first quarter of 2008, Profit.bg data show.

Moststroy's stock price registered the biggest decline of 55.81%, followed by Bulgarian River Shipping and Central Cooperative Bank, which shed 45.8% and 44.44% of their value, respectively.

The stock of Chimimport, Euroins and Fazerless also depreciated by more than 40% in the first three months of the year. Nine other companies lost between 30 and 40% of their value over the period. These included Lead & Zinc Complex, Zaharni Zavodi, Aroma, Synergon Holding, Orgachim, Chugunoleene, Bulgarska Roza Sevtopolis, Sopharma and Toplivo.

Thirteen of BG40's components registered declines of between 20 and 30%. As a result the total number of companies within the index, that have lost more than 20% of their value in the first quarter of 2008 rose to 28.

Elana Agricultural Land Opportunity Fund REIT was the only BG40 stock to end the period with gains. The stock of the REIT appreciated by 3.64% in the first three months of this year. Advance Terrafund, Odessos Ship Repair Yard and Lomsko Pivo declined by 3.45%, 7.29% and 8.33%, respectively.

The average decrease in the stock price of the companies included in the calculation of the BG40 index stood at 25.9% in the period January to March 2008. The index itself was 35.9% down at the end of March.

RankCompany DecemberMarchChange1Moststroy262.68116.08-55.81%2Bulgarian River Shipping9.75.25-45.88%3CCB10.625.9-44.44%4Chimimport15.518.71-43.84%5Euroins16.79.51-43.056Fazerless310.04176.75-42.99%7Lead & Zinc Complex 91.1855.74-38.87%8Zaharni Zavodi15.229.37-38.44%9Aroma 6.544.03-38.38%10Synergon Holding14.619.28-36.48%11Orgachim644.08409.64-36.40%12Chugunoleene32.6321.06-35.46%13BR Sevtopolis3.052.07-32.13%14Sopharma 8.976.19-30.99%15Toplivo 29.1220.20-30.63%16M+S Hydraulic 13.839.7-29.86%17IH Bulgaria 11.347.97-29.72%18FIBank11.518.12-29.45%19Doverie UH14.2710.52-26.28%20Elchim Iskra 6.865.09-25.80%21TK Hold 7.295.46-25.10%22Eurohold Bulgaria 6.825.15-24.49%23Albena 118.7890.00-24.23%24Kaolin17.3913.37-23.12%25Albena IH20.2415.96-21.15%26Holding Varna 44.5135.2-20.92%27Devin6.815.41-20.56%28Stara Planina 7.626.07-20.34%29Petrol5.284.37-17.23%30Sparky Eltos16.4213.81-15.90%31Industrial CH10.018.44-15.68%32Severcoop Gamza4.133.54-14.29%33Monbat30.5626.49-13.32%34BACB79.6670.91-10.98%35Corpbank96.0386.28-10.15%36Bulgarian HC6.555.99-8.55%37Lomsko Pivo 3.63.3-8.33%38Odessos309.94287.36-7.2939Advance Terrafund2.031.96-3.45%40Elana REIT 2.22.283.64%

Photo: BGNES/EPA