"The positive correction on the Bulgarian Stock Exchange (BSE) in the last few days cannot disguise cautiousness or give a clear sign of direction. The moderate optimism on the Bulgarian Stock Exchange (BSE) resulted in an increase in the number of deals sealed at "ask" prices but the small spreads and the thin volumes are indicative of the market participants' reluctance and the uncertainty of the trend", Ivo Tolev managing partner at Ultima Capital Management said.

Tolev expects no changes today, as well as throughout the next week. Slightly up, or down is not that important provided SOFIX's nearly 80-percent slump in a year," Tolev said.

Despite the moderate optimism there is a lack of rational argumentation that this is the bottom. The market may post advances but they will be mainly as a result of package deals or transactions at high prices and will not be indicative of the overall sentiment on BSE, according to Tolev.

The upcoming holidays will also affect trading over the next week and the excitement expected by most market participants may not result in the advance of the indexes, according to Tolev.

BSE's all four indexes ended yesterday's session in negative territory. The SOFIX blue-chip index slipped by 1.13%, to 368 points, while the broader BG40 shed 1.27%, to 110.04 points.

BSE's overall turnover came to 3.33 mln leva yesterday. A total of 84 issues were traded with 28 of the companies posting stock price gains.