Business News

SBI TOP Down 6% in Week of Negative Trading

Ljubljana, 13 October (STA) - The SBI TOP blue chip index of the Ljubljana Stock Exchange lost ground every day this week, finishing 6.11% lower than last Friday at 574.35 points. The only blue chip to end the week in the black was retailer Mercator, which added 1.34% to EUR 113.50. Trading was modest.

According to Alenka Eržen of the GBD brokerage, the stock market cooled down considerably from September and sellers prevailed over buyers on the stock exchange, cashing in their capital gains.

Furthermore, the total weekly turnover (EUR 5.5m) almost halved compared to the week before, she stressed.

A fifth of the volumes were accounted for by drug maker Krka, which lost 6.91% to EUR 46.50.

The item that dropped the most this week was the NKBM bank, which plummeted 13.78% to EUR 1.34, but Eržen attributes the strong movements to speculations.

NKBM was followed by energy company Petrol, which dropped 9.21% to EUR 202.50. The company announced on Friday that it was selling its 32.6% stake in the troubled Istrabenz holding, an investment forcing Petrol into massive write-downs.

Household appliance maker Gorenje lost 8.42% to EUR 4.35 this week and insurer Zavarovalnica Triglav was down 7.50% to EUR 14.80.

Telco Telekom Slovenije was down 4.72% to EUR 76.70. Media reported on Wednesday that the telco may soon sell off its subsidiaries in Macedonia, Kosovo and Gibraltar under one of the possible privatisation scenarios.

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