Calm trading and minor fluctuations of the Crobex index are expected today at the Zagreb Stock Exchange, as many investors are absent and data on employment in the U.S. is awaited, which could significantly direct global markets, including the domestic one.
All 5 analysts from brokerage firms expect stagnation of the Crobex today. The Crobex index strengthened by 0.60 percent on Wednesday, to 1,754 points, while Crobex10 rose by 0.94 percent, to 982 points. Regular turnover amounted to around 10 million kuna, which is about 1.5 million kuna less than the day before. The highest turnover, 1.3 million kuna, was achieved by Podravka shares, whose price increased by 0.74 percent, to 260 kuna.
The turnover of HT shares amounted to 1.1 million kuna, while the price of that share fell by 0.82 percent, to 204.32 kuna.
Since many have combined yesterday’s holiday with the upcoming weekend, no significant turnover is expected today at the Zagreb Stock Exchange.
Moreover, all the largest domestic companies reported their quarterly business results in the first part of the week, so no significant news from the domestic business scene is expected today.
– I do not expect higher turnover today as many investors will be absent from the market. After all, turnover did not significantly increase in the past few days when business reports from domestic companies were coming to the market. Therefore, the Crobex index could stagnate today, perhaps slightly rise, thanks to the increase in stock prices on global exchanges, says Lav Bernfest, an analyst at the Economic Research Department of Hypo Alpe Adria Bank.
On Thursday, the S&P 500 index on Wall Street jumped at the highest rate in the last seven weeks, thanks to data on employment growth in the U.S. private sector and consumer confidence.
The S&P 500 rose by 1.09 percent, while the Dow Jones strengthened by 1.04, and the Nasdaq index by 1.44 percent.
Thanks to this, there was a good mood in the Asian markets this morning, and stock prices also rose at the beginning of today’s trading on European exchanges.
However, the direction of the market largely depends on new macroeconomic data from the world’s largest economy, primarily on employment in the U.S., which will be released in the afternoon.
– This data will be released at 2:30 PM and will definitely influence the direction of global markets, so until then, I do not expect any significant fluctuations in the Crobex index, says Bernfest.
In a Reuters survey, analysts estimate that in October, the number of employed increased by 125,000, about 10,000 more than in September, but that the unemployment rate also rose from 7.8 to 7.9 percent.
