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Investors are inclined to cash in profits

As no business reports from domestic companies are expected today that could significantly move the market, the Crobex on the Zagreb Stock Exchange could break its negative streak that has lasted for five days.

All 7 analysts from brokerage firms who participated in the Hina survey expect stagnation of the Crobex today. The Crobex index fell by 0.61 percent yesterday, to 1,914 points, while Crobex10 dropped by 0.66 percent, to 1,074 points. Over the last five days, the Crobex has weakened by 3.4 percent.

The regular turnover in shares amounted to 17.14 million kuna yesterday, which is approximately the same as on Friday. The highest turnover was achieved by Valamar Adriatic shares, at 3 million kuna, with its price falling by 2.12 percent, to 140.93 kuna.

Following is the HT share, with a turnover of 2.3 million kuna. Its price decreased by 0.43 percent, to 216.04 kuna.

The price of Dalekovod shares fell significantly by 10.21 percent, to 46.68 kuna. This company, which has initiated a pre-bankruptcy settlement process, reported yesterday that hearings for determining claims and for voting on the financial restructuring plan are scheduled for February 26.

A significant price drop of 7.63 percent, to 11.14 kuna, was also recorded by Dioki shares, whose two hundred former workers blocked the entrance to the management building yesterday, demanding payment of overdue wages and severance pay.

“The correction of the Crobex could continue today in the domestic market. After a strong rise since the beginning of the year, investors are inclined to cash in profits. The usually most liquid shares of HT and Valamar could be in somewhat greater focus for investors,” says Ana Franin, a financial analyst at Raiffeisenbank Austria.

As she adds, the season for financial report announcements is somewhat waning.

“Tomorrow we expect the announcement of financial reports and dividend proposals from Ericsson Nikola Tesla, so that share could also be in somewhat greater focus for investors,” Franin notes.

In foreign markets, trading has been calm in recent days. There was no trading on Wall Street yesterday due to Presidents’ Day, while on most Asian and European exchanges, stock prices are stagnating this morning as there are no news to stimulate investors.

“In foreign markets today, indices could stagnate, and later in the day, the ZEW index of German investor confidence will provide direction for investors,” concludes Franin.