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Bulgarian Stock Market Catches Whiff of Optimism
Date: 27/08/2010
Source: Dnevnik
Bulgarian Stock Market Catches Whiff of Optimism

Investor interest in the Bulgarian Stock Exchange (BSE) returned slowly and feebly on Thursday when the benchmark index SOFIX finished almost 1% higher at 387.18 points after six negative sessions.

The other indices also made it to positive territory, with Dnevnik 20 of the biggest and most liquid stocks gaining 0.69% to 55.36 points and the broader BG40 adding 1.4% to 110.88 points.

Growth was fuelled by state-owned tobacco monopoly Bulgartabac Holding, which rallied by almost 8%, and resort operator Albena with an over 5% increase.

Total turnover on the regulated market added up to BGN 500,000, nearly half of which came from car battery maker Monbat. The manufacturer edged 0.15% lower for the session.

“Over the past couple of weeks there has been a trend towards rising prices and obviously interest by some of the investors in buying liquid stocks,” said Mincho Minchev, chief trader at Investbank. He said that expectations for economic improvement both in Bulgaria and in the European Union (EU) are lifting investors’ spirits. Minchev added that until recently investors were sitting on the sideline as they waited for events to develop on the global markets. The Bulgarian bourse has long severed its connection with the goings-on there but major concerns in the US or Western Europe have sometimes dampened the mood of Bulgarian players as well.

Topic: Financial

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