Crobex fell 16.17 percent on a weekly basis

Sharp declines in the prices of the most liquid stocks and the value of the Crobex stock index marked last week’s trading on the Zagreb Stock Exchange. Crobex ended the week at 1,713.66 points, representing a very high weekly decline of 16.17 percent.

Regular turnover amounted to 250.7 million kuna. The prices of a series of the most liquid stocks ended last week deep in the red. In the weekly commentary from the Exchange, it is noted that the Croatian capital market closely follows the global financial rollercoaster. However, the decline in liquidity and the weekly drop in the stock index of 16 percent do not fully reflect the dynamics of trading and investor caution. Analysts claim that there are no fundamental reasons for such a decline in the value of Croatian stocks, given the whole series of good nine-month reports from companies, as stated in the weekly commentary from the Exchange.

However, considering that in just one day, the American markets fell by more than 6 percent, that Ford’s shares fell to levels not seen since 1982, that all European and regional exchanges plunged deeply into the red, and that the Japanese Nikkei occasionally fell more than CROBEX, the situation looks a bit different, they say at the Exchange. They emphasize that fundamentals may not be the most important factor in the current mood of investors, but the psychology of caution and restraint certainly is.

Shares of HT, Podravka, IGH, Atlantska, and Dalekovod led the list of the most traded last week, closely followed by Adris, Ingra, and Plava Laguna. The most traded stock, HT, with a turnover of 68.8 million kuna, recorded a price drop from 9.97 to 196.50 kuna on a weekly basis. Next is Podravka’s stock with a turnover of 21.24 million kuna and a price drop of 2.45 percent, to 278.99 kuna.

The stock of IGH achieved a turnover of 19.39 million kuna with a significant price drop of 24.09 percent (to 4,600.05 kuna). The stock of Atlantska plovidba traded for more than 18.1 million kuna, and its price fell by 19.05 percent (to 680 kuna). Sharp price declines were also recorded by several other stocks with turnovers slightly above or below ten million kuna – Dalekovod by 23.16 percent, Ingra by 17.96 percent, Plava Laguna by 15.21 percent, Ericsson N. Tesle by 12.76 percent, and preferred Adris by 8.26 percent. The price of INA’s stock, on the other hand, plummeted by 24.53 percent to 1,117 kuna with a turnover of 5.6 million kuna. (H)