No Interest in Stocks: Crobex Plummets Below Psychological Barrier – at 1,595 Points

The ministries are not yet fully staffed, and the stock market unfortunately records every uncertainty, instability, or insecurity. Crobex is again at levels from April 2009, and it is unknown when it will recover.

Stagnation of Crobex is expected on the Zagreb Stock Exchange on Wednesday, which slipped below 1,600 points again the day before, and so far it seems that there are no incentives on the horizon that would contribute to its recovery.

All 5 analysts who participated in the Hina survey today expect stagnation of Crobex.

The Crobex index fell by 0.53 percent on Tuesday, to 1,595 points. It thus fell below the psychologically important barrier of 1,600 points for the first time since January 25. The Crobex10 index weakened by 0.39 percent, to 935.86 points.

Regular trading in shares amounted to 10.7 million kuna, which is about 5.7 million more than on Monday.

– There is simply no interest from investors in stocks, so I expect stagnation of Crobex today as well, it remains to be seen with what sign, says Roman Rinkovec, a broker at the investment company Credos.

As he adds, it is now clear that the formation of the new government has not succeeded in bringing optimism to the market.

– The ministries are not yet fully staffed, and the stock market unfortunately records every uncertainty, instability, or insecurity. Crobex is again at levels from April 2009, and I do not know when it will recover, Rinkovec states.

The situation on foreign stock exchanges is also pressuring the indices.

– We will see whether the business results of domestic companies, whose announcements will intensify next week, will manage to change anything, concludes Rinkovec.

The most liquid stock on Tuesday was the regular share of the Adris Group with a turnover of 1.93 million kuna, and its price stagnated at 470 kuna. Only the Valamar Riviera stock had a million kuna turnover, at 1.87 million kuna. The price of that stock rose by 0.88 percent, to 23.02 kuna. Following with a turnover of 835.4 thousand kuna is the Turisthotel stock, whose price fell by 2 percent, to 2,450 kuna. Among the more liquid stocks, larger price declines were recorded for Petrokemija shares, by 3.64 percent, and Zagrebačka banka shares, by 2.67 percent. The biggest loser was the Uljanik Plovidba stock with a price drop of 9.16 percent, but with a turnover of only 38.4 thousand kuna.

On Wall Street, stock indices slightly fell on Tuesday after very unstable trading, with the energy sector being the biggest loser due to falling oil prices. The Dow Jones slipped by 0.08 percent, the S&P 500 by 0.07 percent, and the Nasdaq index by 0.35 percent.

On European stock exchanges, stock prices also fell yesterday. The London FTSE index weakened by 1 percent, the Frankfurt DAX by 1.11 percent, and the Paris CAC by 1.69 percent.