Details on Petrokemija Awaited

Today, stagnation of the Crobex is expected on the Zagreb Stock Exchange, possibly with a positive sign, given the rise in stock prices on European markets, while the focus of investors could be on the Petrokemija stock in anticipation of details regarding the reduction and subsequent increase of the company’s share capital.

All 7 analysts from brokerage firms who participated in the Hina survey expect stagnation of the Crobex today.

The Crobex index fell by 0.84 percent yesterday, to 1,838 points. After four days of losses, it reached its lowest level since January 9, when it closed at 1,827 points.

The Crobex10, on the other hand, slid by 0.55 percent, to 1,051 points. After five days of losses, it is at its lowest level since January 18, when it also closed at the same level.

Regular trading in shares amounted to 7.9 million kuna, which is approximately 2.5 million less than on Friday.

A million kuna turnover was recorded only for the HT stock, at 2.7 million kuna, with its price falling by 1.42 percent, to 208.50 kuna.

Significant trading also occurred with Petrokemija shares, which achieved a turnover of 931 thousand kuna, with its price rising by 0.93 percent, to 217 kuna.

“After four days of losses, the Crobex index could stagnate today, possibly with a positive sign, given the rise in stock prices on European exchanges,” says Ana Franin, a financial analyst at Raiffeisenbank Austria.

She adds that, along with the usually most liquid HT, the Petrokemija stock could also be in focus for investors, in anticipation of today’s Supervisory Board meeting, where, among other things, the agenda for the general assembly will be defined.

Petrokemija shareholders are expected to decide on the reduction and then the increase of the company’s share capital.

On foreign exchanges, macroeconomic indicators are in focus, which could signal to investors the further direction of the Fed’s monetary policy.

Thus, on Wall Street on Monday, stock prices rose, as weaker-than-expected economic data supported hopes that the U.S. Fed would continue to pursue an accommodative monetary policy.

The Dow Jones strengthened by 0.92 percent, while the S&P 500 rose by 0.59, and the Nasdaq index by 0.27 percent.

Thanks to this, stock prices also rose this morning on European exchanges.

“Weaker-than-expected ISM index of industrial activity in the U.S. in May reduced investors’ concerns that the Fed would soon reduce monetary stimulus, which is why the major stock indices strengthened,” concludes Franin.

From today’s business events, a hearing for voting on the amended financial restructuring plan has been scheduled in the pre-bankruptcy settlement procedure for Varteks.

Varteks announced last week that it had reached an agreement with the Ministry of Finance regarding the amended restructuring plan proposed by the Ministry. The agreed plan between the Ministry of Finance and Varteks is an important step for the successful implementation of the pre-bankruptcy settlement, they emphasized from Varteks, noting that the plan respects a comprehensive solution that assumes an agreement with secured creditors.

Last week, Varteks’s stock was the biggest winner, with a price jump of over 38 percent, and it also strengthened yesterday by 3.8 percent.