Crobex indices break 4-day positive streak

In quiet trading on the Zagreb Stock Exchange, the Crobex indices were in the red around noon, thus breaking a 4-day positive streak, with the most liquid stock being Leda, which also saw a price drop of 2.7 percent, making it one of the biggest losers.

The Crobex index was down 0.56 percent at 12:00 PM, at 1,843 points, while Crobex10 was down 0.38 percent at 1,041 points.

Regular trading volume reached 5.5 million kuna, which is 3.5 million higher than yesterday at the same time.

“After four days of slight growth, today the Crobex indices weakened. The technical picture of the Crobex shows a formation known as ‘head and shoulders’, indicating negative sentiment. The left shoulder formed on July 19, the head on August 2, and the right shoulder yesterday, when the Crobex reached 1,854 points, which is why we see its slight decline today,” says Siniša Gašparević, investment advisor in the Treasury and Investment Banking Sector of Splitsko-Dalmatinska Bank.

August is a month characterized by much indecision in the domestic market, and historically, the performance of the Crobex has not been positive, adds Gašparević.

“The Crobex is unable to break through the 200-day moving average, which is around 1,860 points. It is currently moving between its 50-day moving average, which is at 1,820 points, and the 20-day moving average, which is approximately at 1,845 points. Which of them breaks will determine its further direction,” concludes Gašparević.

The highest trading volume so far has been achieved by Leda’s stock, amounting to 1.8 million kuna. Its price has dropped by 2.69 percent to 8,000 kuna, making it the biggest loser among the more liquid issues.

Following is HT’s stock, with a trading volume close to one million kuna. Its price remains stagnant at 176.3 kuna.

In quiet trading, among the more liquid issues, Dioki’s stock stands out with a gain, as its price jumped by 5.45 percent to 24 kuna, thus breaking a 5-day negative streak.