SOFIX reached a new peak at 600 points (06.03.2014)

 

Optimism in the market is mainly due to positive sentiment rather than robust earnings.” said Vesselin Zahariev, partner at Mane Capital.


The leading Bulgarian stock index –SOFIX- grew 1.5% during today’s session to 605.94 points. The index is up 1.9% since the beginning of the week and 23.3% from the beginning of the year.


The last time when SOFIX closed at 600 points was on 22 October 2008 (604.97), however it was trading at a day’s high of 637.36.


BGBX40 increased by 1.5% to 121,81 points, BGTR30 by 2.3% to 443,07 points and BGREIT by 2.9% to 95.27 points.


“In the middle of the on-going crisis in Ukraine, the Bulgarian markets remained positive with stock indexes rising. The positive sentiment can be partially explained by the reaction of the EU leaders towards the potential Crimea separation, who decided not to impose sanctions on Russia. On the other hand, the international markets reacted positively to the ECB announcement, which decided to keep interest rates low and provide further stimulus to the economy in the near future. The Bulgarian stock indexes were relatively more volatile but continued their uptrend. It remains to be seen whether SOFIX will remain above 600 points amidst international conflicts. Optimism is definitely present in the Bulgarian stock market, but it is mainly due to positive sentiment and unallocated funds rather than robust earnings.” said Vesselin Zahariev, partner at Mane Capital.

 

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