Petrokemija and HT Dominate Trading

After four consecutive negative weeks, the Crobex indices on the Zagreb Stock Exchange are down again today, but with low trading volume, so that million kuna turnover has so far only been recorded for HT shares, while slightly more is traded for Petrokemija shares.

Around noon, the Crobex index was down 0.64 percent, at 1,842 points, at its lowest level since January 9, when it closed at 1,827 points.

Crobex10 slipped 0.02 percent, to 1,056 points, the lowest level since January 18, when it closed at 1,051 points.

Regular trading volume amounted to 3.44 million kuna, which is one million less than on Friday at this time.

– After four consecutive negative weeks, the negative streak of Crobex continued today in the domestic market, with low trading volume. The focus is on the usually most liquid HT shares. There is significant trading in Petrokemija shares as well, in anticipation of tomorrow’s Supervisory Board meeting, where, among other things, the agenda for the general assembly will be defined. Petrokemija shareholders are expected to decide on a reduction, and then an increase in the company’s share capital – emphasizes Nikolina Medić, financial analyst at Zagrebačka banka.

HT shares achieved a turnover of 1.11 million kuna by noon, and its price is stagnating at 210.51 kuna.

Next is Petrokemija shares, with a turnover of 802,000 kuna and a price increase of 5.02 percent, to 219.9 kuna.

The biggest loser among the more liquid stock issues is Zagrebačka banka, with a price drop of 4.79 percent, followed by Đuro Đaković Holding shares, down 3.73 percent.

The biggest winner is Varteks shares, with a price jump of 13.11 percent, to 20.45 kuna.

From business news, Tehnika reported that it has signed an additional contract for the continuation of the construction of a business building in Zagreb, worth 10.55 million euros excluding VAT, with the client Vrbani Centar d.o.o. for real estate operations. Construction starts immediately, and completion is planned for 14 months.

The price of Tehnika shares rose by 1.46 percent, to 630 kuna, but with a turnover of only 31,500 kuna.

At the same time, stock prices on European exchanges are also down today, so around noon, the London FTSE index was down 1.66 percent, the Frankfurt DAX 0.91 percent, and the Paris CAC 0.69 percent.

– Following the sharp drop in stock prices on Wall Street on Friday, there is a negative sentiment today on both Asian and European exchanges. Investors fear that the Fed may reduce the bond-buying program, so they will be focused on the release of the key report from the U.S. labor market on Friday, in anticipation of new guidelines – notes Medić.

As she adds, the negative sentiment among investors was also influenced by the data released this morning by HSBC regarding the drop in the PMI index of industrial activity in China in May to 49.2 points, and a reading below 50 points indicates a contraction in activity.