Without incentives from the domestic business sector, the Crobex indices on the Zagreb Stock Exchange could stagnate today, with low trading volume, while investors will monitor developments on global stock exchanges.
All 7 analysts from brokerage firms expect stagnation of the Crobex today. The Crobex index fell by 0.86 percent yesterday, to 1,761 points, while Crobex10 decreased by 0.87 percent, to 990 points.
Regular trading amounted to 6.3 million kuna, which is approximately 7 million less than the day before.
Among the few gainers, the shares of Zagrebačka banka stand out, having strengthened by 1.32 percent, with a turnover of 578,000 kuna. Among the biggest losers was the share of Ingra, with a price drop of 4.36 percent.
– The domestic market will mainly seek guidance from abroad in the upcoming period, unless we receive some interesting news from the corporate world, such as the recent announcement of the recapitalization of Ledo. For now, I do not see positive incentives for the domestic market, says Maja Bešević Vlajo, portfolio manager at Podravska banka.
On global stock exchanges, the correction of stock prices continued yesterday, which began the day after the U.S. presidential elections.
– This correction is not surprising. The S&P has risen more than 14 percent from its lowest level this year, recorded in early June, to its highest level, achieved just before the U.S. presidential elections. There is certainly room for a more significant correction, between 7 and 10 percent, especially since the S&P 500 has dipped below the 200-day moving average, which is a negative technical signal, assesses Bešević Vlajo.
The negative correction of stock prices on foreign exchanges was also contributed to by poor macroeconomic indicators from Europe, particularly Germany.
– In the upcoming period, there will be much uncertainty on global stock exchanges, until U.S. government officials reach an agreement on the upcoming ‘fiscal cliff,’ concludes Bešević Vlajo.
