Lack of Market Logic on BSE

Lack of Market Logic on BSE

Yet another successful week for investors on the Bulgarian Stock Exchange has come to an end. The major stock indexes SOFIX and BG40 continued their advance gaining 9.95 and 9.42% over the week, respectively, to close at 454.34 and 126.65 points.

SOFIX posted gains in 12 of the last 13 sessions, while BG40 has declined only two times over the same period.

SOFIX is up by 27.62 since the start of the month while BG40's gain amounts to 26.36%. The two indexes are up by 26.68 and 17.48%, respectively, in 2009.

Fazerles and Sparky Eltos are the biggest advancers in BG40 over the week, which may be explained as a lack of market logic. Fazerles sees a 38-percent drop in sales for 2009, to 17 mln leva and 500,000 leva profit, which is 91% down compared to 2008.

Sparky Eltos in turn posted 5.4 mln leva loss for the first half of the year, compared to 5.74 mln leva profit for the year-ago period.

Orgachim, Monbat, First Investment Bank and Elhim Iskra advanced by more than 20% over the week. Other 13 companies outperformed BG40 over the week.

Petrol was the only decliner in BG40 over the past five sessions. The stock of the company depreciated by 3.17%, to 5.81 leva per share, while BenchMark Fund Estates' stock price remained unchanged.

See the table for more details on the performance of the stocks included in the calculation of the BG40:


CompanyAugust 7August 14Change %
SL9/Sparky Eltos1,822,3529,12
5F4/First Investment Bank 2,513,0722,31
52E/Elhim Iskra1,241,4920,16
4EH/Eurohold Bulgaria1,211,4519,83
T57/Trace Group Hold 64,0975,8818,4
4CF/Central Cooperative Bank 1,371,6218,25
6H2/Holding Roads 3,353,9217,01
5SR/Stara Planina Hold 1,661,8913,86
T43/Zarneni Hrani Bulgaria0,720,8112,5
5BN/Bulgarian-American Credit Bank 13,0314,5511,67
5ALB/Albena Industrial Holding4,845,3811,16
5OTZ/Lead & Zinc Complex12,6313,9610,53
6S7/Synergon Holding2,382,619,66
4BJ/Bulgarska-Roza Sevtopolis 1,061,158,49
5ODE/Odessos Ship Repair Yard112,83121,447,63
4I8/Industrial Capital Holding3,093,36,8
4EC/ELARG Agrucultural Land Opportunity Fund0,770,826,49
5MY / Moststroy4,935,246,29
5DOV/Doverie United Holding3,824,045,76
4ID/IH Bulgaria 2,072,174,83
6C9/Corporate Commercial Bank 51,1753,594,73
6A6/Advance Terrafund1,081,123,7
6D3/Devin 33,113,67
5BU/Bulgarian Real Estate Fund 0,30,313,33
4O1/Oil & Gas Exploration & Production3,013,061,66
6BMA/BenchMark Fund Estates 0,380,380

Data: BSE

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