The participants in the Bulgarian equity market started the week on a cautious note, leading to thinner order books. SOFIX (1 237.82, -0.47%) faced resistance at its 100-day moving average, with seven out of its fifteen constituents closing in negative territory. Wiser Technology (WISR, EUR 2.06, -1.90%) and Sopharma (SFA, EUR 1.72, -1.71%) led the declines. Meanwhile, light-volume gains in Eleven Capital (11C, EUR 7.60, +3.54%) and Bulgarian Real Estate Fund (BREF, EUR 2.55, +2.41%), alongside ...
The Bulgarian equity benchmark SOFIX (1 237.29) extended its winning streak to a fifth consecutive session on Thursday, closing in on its 100-day moving average. Gains were more broadly distributed across the market, with Eurohold Bulgaria (EUBG, EUR 1.09, +2.83%) and Shelly Group (SLYG, EUR 57.00, +2.70%) leading advances within the benchmark. Among the top performers, Albena (ALB, EUR 14.00, +11.11%) and Odessos Shiprepair Yard (ODES, EUR 122.00, +6.09%) posted outsized gains, albeit on thin t...
The Bulgarian equity market extended its gains, with the SOFIX rising 0.46% to close at 1 230.30. Trading activity remained subdued with volumes coming in below the three-month average, pointing to still-limited investor participation. Market breadth was relatively narrow, with the advance largely driven by selected names rather than broad-based buying. Eurohold Bulgaria (EUBG, EUR 1.06, 0.00%) was unchanged, while Shelly Group (SLYG, EUR 55.50, +0.91%) provided modest support. The main directio...
Greater China Sector Update | Automobile In 4Q25, the upstream segments (battery and battery materials) outperformed the mid-stream (auto parts) and downstream (auto OEMs) segments. China’s auto sector profits should have bottomed in 1Q26 and will likely recover along with PV sales from 2Q26 as: a) the front-loading effect is fading, b) local subsidies are coming through; c) OEMs are launching new techs; and d) overseas sales remain buoyant. Maintain MARKET WEIGHT. Top BUYs: CATL, Geely, Min...
Singapore equities fell 2.2% in March to 4,885.45 amid escalating Middle East tensions and rising oil prices. Volatility increased as retail investors stayed active, favouring industrial and tech stocks. Corporate catalysts included Oiltek’s major contract win, CLAR’s capital raising and UI Boustead REIT’s SGX debut. Markets remained cautious, with heightened geopolitical risks amplifying concerns over supply disruptions and oil-price pressures.
Wednesday’s session was marked by heightened volatility, with trading occurring across widened bid-ask spreads and volumes falling below the 3-month average. Shelly Group (SLYG, EUR 52.20, +3.16%) and Wiser Technology (WISR, EUR 2.16, +2.86%) provided support to SOFIX (1 220.42, +0.02%), which managed to close marginally in positive territory. On the downside, Central Cooperative Bank (CCB, EUR 1.71, -4.47%), Elana Agrocredit (EAC, EUR 0.53, -2.75%), and First Investment Bank (FIB, EUR 3.10, -2....
The Bulgarian equity market staged a modest rebound on the final trading day of the month, as a broad set of participants locked in gains. Central Cooperative Bank (CCB, EUR 1.79, +4.68%), Elana Agrocredit (EAC, EUR 0.545, +4.81%) and Neochim (NEOH, EUR 15.70, +4.67%) featured prominently among the session’s top gainers. The main indices moved higher in tandem, with SOFIX (1 220.14) and BGTR30 (1 034.34) adding 0.56%, followed closely by BGBX40 (210.93, +0.55%) and BGREIT (226.18, +0.48%). Turno...
We publish today our comprehensive quarterly bible: 243 pages of detailed analyses on what happened in the last 3 months, and how we interpret it, in light of our current convictions. The first section acts as a PM summary, outlining our key findings, and latest thoughts on the semi cycle, in 6 slides:
Enormous opposite moves of index members lowered SOFIX to 1 213.31 (-0.21%) on Monday. The selling pressure weighed on Central Cooperative Bank (CCB, EUR 1.71, -2.29%) and Shelly (SLYG, EUR 49.80, -1.58%) while Wiser (WISR, EUR 2.10, -4.55%), Chimimport (CHIM, EUR 0.438, -2.23%) and Sopharma (SFA, EUR 1.75, -1.41%) lost altitude without significant daily volume. Sirma Group Holding (SGH, EUR 0.96, +6.67%), Doverie United Holding (DUH, EUR 5.90, +1.72%) and First Investment Bank (FIB, EUR 3.14, +...
STRONG LENDING AND DEPOSIT GROWTH OFFSET BY MARGIN PRESSURE AND WEAKER SECURITIES GAINS Profitability: The banking sector reported net income of BGN 3.6bn in 2025, down 1.8% YoY from the record 2024 level. Net interest income grew modestly by 1.3%, as portfolio expansion was largely offset by higher funding costs. Non-interest income supported profitability, with FX gains rising by BGN 283.3m and net fees and commissions income up by BGN 163.7m, though these were largely offset by a 73.4% Yo...
SOFIX (1 203.76, -0.65%) closed negative as Wiser (WISR, EUR 2.10, +3.96%) was the only index members in the green zone on Tuesday. Shelly (SLYG, EUR 50.20, -3.46%) suffered from huge selling pressure while Elana Agrocredit (EAC, EUR 0.535, -1.83%), Sirma Group Holding (SIRM, EUR 0.90, -1.10%) and Advance Terrafund (ATER, EUR 1.35, -0.74%) lost altitude without significant daily volume. BGBX40 (207.06, -0.53%) slipped reflecting the drop of Gradus (GR6, EUR 0.50, -9.09%) and Eleven Capital (11C,...
The Bulgarian stock market continued its downward trajectory over the past week, with all major indices closing firmly in negative territory. The benchmark SOFIX index declined by 3.2%, ending the week at 1 210.32 points. Broader indices followed a similar trend: the BGBX40 fell by 2.6% to 208.17 points, while the equally weighted BGTR30 index dropped 2.2%, finishing at 1 025.31 points. The sector-specific BGREIT index proved relatively more resilient, slipping by a modest 1.4% to 226.68 points....
Quite opposite move of SOFIX (1 210.32, 0.00%) members fixed the main index unchanged on Friday. The jump of Sirma Group Holding (SIRM, EUR 0.915, +3.39%), First Investment Bank (FIB, EUR 3.16, +2.27%) and Sopharma (SFA, EUR 1.715, +2.08%) fully offset the drop of Eurohold (EUBG, EUR 1.03, -6.36%) and Wiser (WISR, EUR, 2.10, -1.87%). The trading session was highlighted by the transfer of 100.8m shares of Gradus (GR6, EUR 0.55, +27.91%) representing 40.9% of the company. BGBX40 (208.17, +0.46%) c...
Bloody red start of the week fixed all local indexes in the red zone on Monday. SOFIX (1 213.38, -1.47%) dropped the most, followed by BGBX40 (207.96, -1.34%), BGTR30 (1 032.06, -0.72%) and BGREIT (227.20, -0.16%) Huge selling pressure weighted on daily losers Shelly (SLYG, EUR 50.80, -9.29%), First Investment Bank (FIB, EUR 3.10, -4.02%), Sirma Group Holding (SIRM, EUR 0.95, -4.04%) and Chimimport (CHIM, EUR 0.444, -3.06%). Wiser (WISR, EUR 2.30, +3.60%) and Central Cooperative Bank (CCB, EUR 1...
The Bulgarian equity market recorded a positive session on Wednesday, with all major indices posting gains. Direction was largely driven by retail activity, as widened bid/ask spreads in recent choppy sessions allowed smaller orders to move prices more easily. Among the benchmark constituents, First Investment Bank (FIB, EUR 3.36, +3.38%), Shelly Group (SLYG, EUR 59.40, +2.77%), and Doverie United Holding (DUH, EUR 6.54, +2.19%) led the advance, pushing SOFIX (1 277.47, +0.70%) to the top of the...
Trading activity weakened on Tuesday, with only a few index constituents registering volumes above the three-month average. SOFIX (1 268.58, -0.27%) edged lower, largely due to the decline in heavyweight Shelly Group (SLYG, EUR 57.80, -1.70%), which weighed on the benchmark. On the broader market, Speedy (SPDY, EUR 88.00, -3.30%) and Telelink Business Services (TBS, EUR 5.45, -6.84%) led the declines, pushing BGBX40 (215.58, -0.55%) lower for the session. Overall, the subdued trading activity me...
Top Stories Strategy | Singapore Stock Picks In A Turbulent Market With war clouds, an oil shock, and market volatility, we focus on Singapore’s defensive sectors and quality blue-chip names. Deployment of funds from MAS’ Equity Market Development Programme could provide some respite in March and April. Key stock picks are CLAR, CLI, CIT, DBS, DFI, KEP, SE, ST, YZJSGD, ASL, CAREIT, CSE, DELFI, FEH, IFAST, UGAI and VALUE. Market Spotlight US stocks were higher on Monday, with all indexes risi...
Greater China Economics | China China set a 2026 GDP growth target of 4.5-5.0% yoy, in line with expectations, while maintaining a 4% fiscal deficit ratio. Fiscal policy remains the main growth driver, supported by Rmb4.4t in local government special bonds and Rmb1.3t in ultra-long treasury bonds, while monetary policy stays accommodative. Policy priorities focus on AI+, New Quality Productive Forces, industrial upgrading, and targeted consumption support, alongside welfare improvements and ...
Singapore equities extended gains in February, with the STI rising 1.8% to near the 5,000 level after reaching a record high above 5,040. Market sentiment was supported by steady manufacturing expansion and selective corporate strength, including Yangzijiang Shipbuilding’s strong earnings. Global markets remained cautious amid AI-related concerns, while geopolitical tensions in the Middle East raised risks of higher oil prices.
The Bulgarian equity market experienced heightened volatility during the first trading session of the shortened week surrounding Liberation Day of Bulgaria. Investor sentiment was mixed as market participants reacted to escalating geopolitical tensions related to Iran and the broader implications of the conflict. Aggressive selling pressure emerged in names such as Wiser Technology (WISR, EUR 2.40, -4.00%), Eurohold Bulgaria (EUBG, EUR 1.06, -3.64%), and Shelly Group (SLYG, EUR 57.80, -2.36%). A...
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