reports
- Veselin Radoychev Please Change Surname
Bulgaria Banking System Overview 2025
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...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Weekly bulletin - 16 March - 20 March 2026
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....
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 18 March 2026
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...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 17 March 2026
The negative trend extended into the first trading day of the week, with all major indices posting notable losses. SOFIX (1 231.46, -1.49%) underperformed, as eleven of its fifteen constituents closed lower. The decline was led by Doverie United Holding (DUH, EUR 5.94, -3.57%) and Sirma Group (SIRM, EUR 0.99, -3.88%), both of which slipped below key psychological support levels of EUR 6.00 and EUR 1.00, respectively, adding to the negative sentiment. On the broader market, limited positive price...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 17 February 2026
The Bulgarian equity market faced mild selling pressure amid widened bid/ask spreads, pushing the main indices into negative territory on the first trading day of the week. Major averages moved largely in tandem with fluctuations across the broader market, with SOFIX (1 353.42) finishing in the middle of the pack, down by 0.69%. EMKA (EMKA, EUR 1.20, -5.51%) and Agria Group (AGH, EUR 5.50, -4.35%) led the session’s decliners, while Sopharma (SFA, EUR 1.90, -2.31%) slipped in the final minutes of...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 2 February 2026
It appeared that the fresh 18-year highs reached in recent sessions attracted increased profit-taking, as the Bulgarian equity market came under selling pressure on Friday, echoing the cautious sentiment from global markets. SOFIX (1 374.91, -0.76%) closed lower, weighed down by declines in Shelly Group (SLYG, EUR 68.00, -2.30%) and First Investment Bank (FIB, EUR 3.68, -2.13%), despite the absence of any negative surprises in the latest financial disclosures. On a broader base, Eleven Capital (...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 29 January 2026
The major indexes extended their advance on Wednesday, supported by strength in the technology sector, led by Wiser Technologies (WISR, EUR 2.82, +0.71%), Sirma Group (SGH, EUR 1.29, +0.78%), and Shelly Group (SLYG, EUR 70.20, +0.29%). At the same time, weakness in Central Cooperative Bank (CCB, EUR 1.90, -3.55%) and Elana Agrocredit (EAC, EUR 0.545, -2.68%) capped the upside, leaving SOFIX (1 405.08, +0.19%) with a modest gain as it continued to hover near last week’s fresh 18-year high. Invest...
- Veselin Radoychev Please Change Surname
Bulgaria Outlook 2026
Global macroeconomic and geopolitical challenges weighed on the Bulgarian economy over the past year, primarily through weaker external trade dynamics. Despite this, economic growth remained solid. Real GDP expanded by 2.8% in Q1, 3.5% in Q2, and 3.0% in Q3, supported almost entirely by strong domestic demand. Several factors underpinned this robust consumption growth with the most important being the growth of compensation and the euro transition effect. For 2026 the projections by major i...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 16 January 2026
For a ninth consecutive trading session SOFIX 1 386.14 (+0.51%) closed green. The strong positive sentiment from the previous days waned and the main index members registered huge opposite moves. Central Cooperative Bank (CCB, EUR 1.55, +19.23%) and Chimimport (CHIM, EUR 0.50, +4.17%) jumped north, while profit taking and insignificant speculative trades weighed on First Investment Bank (FIB, EUR 3.61, -4.50%), Sirma Group Holding (SGH, EUR 1.30, -2.26%) and Advance Terrafund (ATER, EUR 1.42, -2...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 12 December 2025
Wiser Technologies (WISR, BGN 4.70, +2.17%) and the financial sector representatives Central Cooperative Bank (CCB, BGN 1.84, +2.22%) and First Investment Bank (FIB, BGN 5.88, +5.00%) reinforced SOFIX (1,125.87, +0.34%), which registered a new 18-year high on Thursday. Investor focus remained concentrated primarily within the benchmark, although low-volume trades in Trace Group (T57, BGN 5.30, +6.00%) and Sopharma Properties (SFI, BGN 9.35, +3.89%) supported the performance of the broad indexes,...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 10 December 2025
SOFIX (1 118.39, +0.49%) registered its fourth consecutive session with a fresh 18-year high, reflecting increased buying interest across the benchmark’s constituents. The strengthened buy-side order book lifted First Investment Bank (FIB, BGN 5.30) by 5.58% following the approval of the GSM agenda. Recent outperformers, Sopharma (SFA, BGN 2.82, +1.08%) and Doverie (DUH, BGN 11.65, +0.43%), remained on the gainers’ list, joined by Bulgarian Stock Exchange (BSE, BGN 10.20, +2.00%), which rebounde...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 1 December 2025
The Bulgarian equities inched higher on Friday, recovering most of the previous session’s losses and closing the week with modest gains. A rebound in Advance Terrafund (ATER, BGN 2.67, +1.91%) and a steady bid in Shelly Group (SLYG, EUR 56.40, +1.44%) helped to lift all major indexes, with SOFIX (1 087.77, +0.14%) leading the advance. Trading volumes were broadly unchanged from the prior session, remaining subdued for the season. Chimimport (CHIM, BGN 0.70, 0.00%) and Eurohold (EUBG, BGN 1.90, +...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 27 November 2025
The Bulgarian equity market extended its midterm uptrend on Wednesday, despite the absence of major corporate catalysts or meaningful macro signals, with all key indexes adding to their recent gains. SOFIX (1 088.86) finished just a tick below its 18-year high, powered by a fresh advance in Bulgarian Stock Exchange (BSE, BGN 11.80, +4.42%), which remained the session’s standout performer. Strength across the producers’ segment, most notably Hydraulic Elements and Systems (HES, BGN 5.10, +2.82%) ...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Weekly bulletin - 24 November 2025
Bulgarian equities ended the week firmly on the negative side, with most major indices posting declines as investors reassessed their positions amid heightened volatility across global markets. The local blue-chip index SOFIX slipped by 0.7% to close at 1 071.8 points, as the broader BGBX40 (192.56, -0.8%) and BGTR30 (941.65, -0.7%) mirrored the overall downward trend. Among the stocks we track, the top performers were Trace Group Hold (T57, BGN 5.20, +4.0%), the consistently strong Shelly Group...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 24 November 2025
All major indexes closed Friday’s session on negative territory, with SOFIX (1 071.88, -1.11%) underperforming, while BGBX40 (192.56, -0.77%) and BGTR30 (941.65, -0.39%) saw comparatively milder declines as light-volume trades in several mid-cap names softened the downside. Eurohold Bulgaria (EUBG, BGN 1.83, -4.69%), coming off a week of elevated volatility, slipped back toward early-week levels on thin turnover and topped the list of decliners on the Bulgarian Stock Exchange. Trading activity r...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 18 November 2025
The Bulgarian equity market saw an unusual surge in volumes on Monday – particularly within SOFIX constituents – which pressured all major indexes into negative territory. Heavy selling in Eurohold (EUBG, BGN 1.83, -5.67%), First Investment Bank (FIB, BGN 4.83, -5.29%), Bulgarian Stock Exchange (BSE, BGN 10.70, -3.60%), and Chimimport (CHIM, BGN 0.685, -3.52%) drove the benchmark SOFIX (1 063.34) to the bottom of the daily rankings with a 1.48% decline. The sharp drop in Expat SOFIX ETF (BGX, BG...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Weekly bulletin - 27 October - 31 October 2025
Bulgarian stock market closed the week a little bit lower, as the local Benchmark SOFIX lost 0.6% to settle at 1068.06, all the other major indexes closed ranging from -0.7% to 0.0%. No visible improvement in investors’ sentiment was observed after the release of the last financial reports for the 3rd quarter, leaving the market subdued and lacking strong catalyst. The significant improvement in both weekly volumes (+285.5% YTD) and turnover (+148.6% YTD) came mainly from block trades with capit...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 31 October 2025
Despite the enormous jump of Sirma Group (SGH, BGN 1.72, +10.97%), SOFIX 1069.02 (-0.29%) closed negative as all the other index members lost altitude or finished the day unchanged on Thursday. Poor financial performance in Q3 of Smart Organic (SO, BGN 28.00, -2.78%) disappointed investors and the company dropped without significant daily volume while huge selling pressure weighed on Bulgarian Stock Exchange (BSE, BGN 10.50, -1.87%), Doverie United Holding (DUH, BGN 9.28, -1.90%) and Advance Ter...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 30 October 2025
Trading on the Bulgarian equity market remained subdued, with light volumes and mixed movements across the major indexes. Investor sentiment was cautious, resulting in modest price changes. First Investment Bank (FIB, BGN 5.26, +1.15%) continued to attract attention following its recently published agenda, which helped the stock advance by 1.15% and along with Sopharma (SFA, BGN 2.74, +1.48%) and Doverie (DUH, BGN 9.46, +1.07%) supported the SOFIX index, which closed 0.25% higher at 1 072.11 poi...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 29 October 2025
It was a mixed session on the Bulgarian Stock Exchange on Tuesday, with the main indexes ending flat amid opposing moves across key equities. SOFIX (1 069.43, 0.00%) closed unchanged as a 3.59% rise in First Investment Bank (FIB, BGN 5.20, +3.59%), following the publication of the agenda for its upcoming extraordinary general meeting, offset declines in Shelly Group (SLYG, EUR 52.60, -0.38%), Advance Terrafund (ATER, BGN 2.90, -1.02%), and Bulgarian Stock Exchange (BSE, BGN 10.70, -0.93%). The b...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.