After Crobex plummeted by 6.4 percent in the first minutes of morning trading on the Zagreb Stock Exchange and 12 stocks ended in negative block, by noon the losses were mitigated as the negative reaction of investors to the latest news from the U.S. calmed down.
Currently, Crobex stands at 2,965 points, što je njegova najniža razina od kolovoza 2006., te 2,61 posto manje nego jučer na zatvaranju burze. Redovni promet dionicama do 13 sati dosegnuo je 65 milijuna kuna."We do not have poor results from domestic companies or banks, which would justify such large corrections in stock prices. However, since the U.S. Congress did not give the green light to the financial industry rescue plan as expected, mainly due to the psychological effect, a price correction followed in the domestic market as well," assesses Suzana Lončar, director of the brokerage firm Credos. She adds that investors are currently mainly focused on the decisions of lawmakers worldwide related to addressing the global financial crisis, and they view the domestic stock exchange in a global context.
While the initial morning psychological reaction of investors on the domestic stock exchange was sharp – the index was corrected by 6.4 percent – the situation is now stabilizing, and Crobex is down 2.6 percent."It is worth noting that European stock exchanges have also recovered some losses at this moment, and some, like the London FTSE index, even record a slight gain, indicating that there is a chance for markets to move towards stabilization," says Lončar. The most traded stocks so far have been T-HT and Ina, with over 10 million kuna. Meanwhile, T-HT’s stock is currently down 2.11 percent, at 254.5 kuna, and during the morning it touched 240 kuna – which was even 25 kuna below the IPO price.
