The declines that swept stock exchanges around the world greatly affected the developing markets as well.

Indexes in Central and Eastern Europe, which fall into this category, recently plunged as foreign investors are quickly selling the stock.

Indexes on the developing markets are generally much more volatile, which can be both an advantage and disadvantage. On the one hand, they attract investors with their dynamics, when markets rise, these indexes often grow even more than indexes on developed markets, but on the other, when markets slide, these indexes plunge even more.

Yesterday PX 50, the main index in the Czech Republic, fell 5.5% to 1 749.7 points, while the Hungarian BUX lost 4% to 25,928 points.

The stock of the biggest Hungarian Bank (which controls Bulgarian DSK) slid 10% on Tuesday and Wednesday.

The Russian RTS fell 3.5% to 1 820.3 points, led by declines on the positions of Gasprom and Sberbank. Polish WIG20 dropped 3.7% to 3 389.83.

The tide swept the Romanian market as well. BET lost 3.8% to 9 421.21 points, and BET-S dipped 3.9% to 6 527.36 points.

Bulgarian market on the other hand once again proved that it is not dependent on the world markets, which is another proof of the fact that that it is not yet "mature".

However, this is not a bad sign for investors, especially on this stage of the market - a developing market of a country just entered the EU.

BG40 and the Macedonian MBI10 were among the few indexes in the world which ended on positive territory yesterday.

BG40 added 0.5% yesterday to 393.6 points, while its Macedonian counterpart climbed 3.5%.

Some say BG40 ended on positive territory because of the weak points in its calculation, i.e. that it is supposed to be a broad indicator, but is not exactly such. This might be the reason why Orgachim and Odessos Ship Repair Yard managed to "pull" the index up yesterday.

Whatever the reason, this result is part now of the statistics and is likely to calm foreign investors down (as much as this is possible right now).

On the other hand, the 0.5% that BG40 added may be a result of the low liquidity on our market, which also means there are still considerable amounts of cash waiting to be invested.

At the same time this shows that there is not enough foreign speculative capital on the market, and the fact that foreign investors are actively selling their stock today may cause a sharp slide, as pessimists forecast after the recent strong advances of indexes.