“The correction we are witnessing on the Bulgarian Stock Exchange at the moment is so deep because the upward trend maintained in the past years was much higher than expected,” said Kamen Kolchev, Elana Holding chairman, speaking at The Bulgarian Stock Exchange – Chances and Risks, seminar organized by the German-Bulgarian industrial commercial chamber.

„In the past few weeks it seemed that the prices have hit the bottom and there is no more room for decline. This is why I'm expecting another upward movement. Indexes will end the year at a zero or at a slightly above zero change,” he pointed out.

Both Kolchev and Tsvetoslav Tsachev agreed that technical analyses are inapplicable to BSE, because of several factors such as the low liquidity of the local market and of the several amendments introduced in indexes structures.

In response to our question as to whether Elana Holding has plans to be listed on BSE, Kolchev said this will happen “when the market allows it”. He pointed out that this year we saw several IPO cancellations and that several offerings were subscribed just partially.

In Kolchev's opinion the past several months have been very positive for BSE and that “investors are much more selective nowadays.” That's why expects good quality companies to make progress when the market rebounds.

Sopharma's executive director Ognyan Donev said that only a few companies will end the year on positive territory. Donev also described himself as a “good amateur” who makes good use of the opportunities that the capital market in Bulgaria offers.

Ognyan Donev owns (directly or via related parties) stakes in 14 public enterprises.