Crobexes rose for three weeks, cautious trading expected

After three positive weeks, cautious trading and stagnation of the Crobex are expected on the Zagreb Stock Exchange on Monday, while investors await new directions from upcoming corporate sector announcements.

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

The Crobex index jumped by 2.3 percent last week, to 1,837 points, while Crobex10 rose by 2.8 percent, to 1,076 points. These indices have thus strengthened for the third consecutive week. Among sector indices, the biggest gainers were Crobexturist, up by 2.9 percent, and Crobexindustrija, up by 2.2 percent. The only loser was Crobextransport, down by 0.7 percent.

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Regular trading volume in shares amounted to 26.7 million kuna last week, which was a shortened working week.

“Trading on the domestic market last week was still marked by the announcement of corporate results, with indices continuing to rise for the third consecutive week. In the shortened week, the average daily turnover reached around 7.2 million kuna, which is slightly more than in the previous week,” says Magdalena Dolenec, junior capital market analyst at Erste&Steiermaerkische bank.

The most liquid stock was Valamar Riviera, with a turnover of 8 million kuna and a price jump of 7 percent, to 42.8 kuna, the highest level in the last three months.

Following was the stock of HT with a turnover of 7.3 million kuna and a price increase of 1.5 percent, to 165.5 kuna, which is its highest level in the last month.

In regular trading, Podravka achieved a turnover of 2.5 million kuna, and its price strengthened by 4.1 percent, to 302 kuna.

Among the 10 most liquid issues last week, nine recorded a price increase, while only the stock of AD Plastika slightly weakened by 0.3 percent, to 189.5 kuna.

Last week, trading occurred with 72 stocks, of which 32 recorded a price increase compared to the previous week, 21 a decrease, and 19 stagnation.

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The largest price jump was recorded by the stock of Petrokemija, up by almost 40 percent, to 14.10 kuna, but with a turnover of only 5,800 kuna.

Significant price increases were also recorded by the stocks of Hotel Tučepa, up by 9 percent, Vira, up by 8.6 percent, and shipyard Viktor Lenac, up by 5.6 percent.

The largest price drop among the more liquid stocks was recorded by the stock of Atlantska plovidba, down by almost 3 percent, to 520 kuna.

“Given the lack of significant corporate news, cautious trading is expected today,” concludes Dolenec.

From macroeconomic indicators, the Croatian Bureau of Statistics (DZS) will publish data on retail trade in March on Monday, and a continuation of consumption growth is expected for a record 43rd consecutive month, and faster than a month ago.

Three macroeconomists who participated in the Hina survey expect an average consumption growth of 2.3 percent in March compared to the same month last year. Their growth estimates range widely from 0.5 to 3.8 percent, after retail sales rose by 1.2 percent year-on-year a month ago.