With increased trading volume of INA shares, a calming of the mini-euphoria that was triggered yesterday by the start of trading in that stock after a seven-day blockade is expected today on the Zagreb Stock Exchange.
Of the 8 analysts from brokerage firms who participated in Hina’s survey, 5 expect stagnation of the Crobex today, while 3 expect continued growth. The Crobex index jumped 8.94 percent yesterday to 2,062 points, while Crobex10 rose 12.27 percent to 1,124 points. Both indices are at their highest level since May of this year. Thanks to yesterday’s strong jump, the Crobex indices have recovered all losses since the beginning of the year. Crobex is now up 2.9 percent, and Crobex10 is up 6.6 percent compared to the beginning of the year. Regular trading amounted to 233.96 million kuna, the highest since November 2007. This is largely due to the trading of INA shares, which exceeded 185 million kuna, with its price jumping 65.4 percent to 2,830 kuna.
“I expect the continuation of a positive trend in the domestic market, although not with such strong growth rates of the indices as yesterday. Along with the mini-euphoria related to INA shares, we also see that funds from the sale of these shares have already started to flow into other domestic blue-chip issues, primarily in construction. Shipping shares have not reacted significantly so far, but I believe we will see their growth by the end of the year,” emphasizes Matko Bošković, broker and investment advisor at Centar banka. Bošković expects the continued rise in share prices not only due to the return of some money from the sale of INA shares to the market but also due to the usual year-end rally on the stock exchanges. Regarding new news related to MOL’s offer for INA shares, the Hungarian company announced yesterday that the price of 2,800 kuna it offers in its general offer to buy INA shares from small shareholders is fixed and that it will not agree to bidding offers. On the stock exchange, there is still a large order to buy INA shares at a price of 2,830 kuna. The explosion of liquidity yesterday primarily benefited the construction sector. Shares of IGH rose by 17 percent, Tehnika by 9.5 percent, and Dalekovod by 6.5 percent. “After a positive trend for more than a week, which culminated yesterday with a strong jump in Crobex, today a stabilization of share prices is possible in the domestic market, and I do not exclude the possibility of profit-taking sales of shares, primarily from the construction sector, which has achieved strong gains in recent days,” notes Vjeran Jureša, an analyst at the investment company To One.
