Spectator on facebook

Spectator on facebook

Slovak SAX continues falling

Slovakia's official SAX index eased 0.63 points to close at 97.42 in a quiet session on the Bratislava Stock Exchange (BSE) on October 7. The index was pulled down by losses to the issue of drug maker Slovakofarma, which has been in constant decline for several months. The issue closed down 173 crowns at 1,800 and its average price eased by 8.7%.
"There is not much to say about Slovakofarma now," a trader said. "Slovakofarma's GDR's abroad are still traded at a lower price than its domestic issue and that is probably the reason for the share's fall."
Brokers said foreign investors were currently uninterested in trading on the Slovak market and were waiting for the formation of a new government after September 25-26 national elections, which could bring more political stability to the country.

Slovakia's official SAX index eased 0.63 points to close at 97.42 in a quiet session on the Bratislava Stock Exchange (BSE) on October 7. The index was pulled down by losses to the issue of drug maker Slovakofarma, which has been in constant decline for several months. The issue closed down 173 crowns at 1,800 and its average price eased by 8.7%.

"There is not much to say about Slovakofarma now," a trader said. "Slovakofarma's GDR's abroad are still traded at a lower price than its domestic issue and that is probably the reason for the share's fall."

Brokers said foreign investors were currently uninterested in trading on the Slovak market and were waiting for the formation of a new government after September 25-26 national elections, which could bring more political stability to the country.

Overall volume including direct trades registered at the bourse fell to 17,299 shares from 360,685 shares traded on October 5. The index hit another record low, closing at 96.90, pulled down by a continuing easing in some of the most heavily-weighted issues. Turnover fell to 75.84 million crowns ($1.9 million) from 241.89 million crowns.

Brokers said the floating crown exchange regime, introduced by the central bank last week, should have a positive effect on the capital market in the long term. "Investors are cautious about this," one local broker said. "Even if Slovak blue chips are cheaper after the crown devaluation, they are almost illiquid, due to bigger problems on the Slovak market, and this keeps them less attractive than similar papers on stock exchanges over the region."

Oil refiner Slovnaft dominated and rose 10 crowns to 680. "With such absurdly low activity it is really not possible to draw any conclusions whatever about direction on this market," said the dealer.

Top stories

Voters don’t understand self-governing regions

Rules for regional elections change, which may bring some surprising victories.

One of the biggest fights is expected in Banská Bystrica Region.

Sagan rewrites history Video

Cyclist Peter Sagan becomes the first man to win three consecutive world championships.

Blog: Why did I come here?

A group of teachers and students from the Bratislava-based school gathered to support their friend, colleague, and fellow foreigner, as she had already tried four times just to get in the door of the foreign police.

Queue in front of the foreigners' police department in Bratislava.

Teachers and scientist support anti-corruption march

They praise the activities of students who may change the current state of corruption.

Organisers of the first student protest, Karolína Farská and Dávid Straka.