SOFIX Index Lost 5.5% on Thursday
The index of the Bulgarian stock exchange SOFIX lost 5.5% on Thursday, compared to Wednesday, reports Mediapool.bg.
A drop was posted by the Central Cooperative Bank (CCB) – 6.35% and the First Investment Bank – 7.95%. The shares of Chimimport dropped significantly – 10.79%, Petrol – 12.28% and Eurohold – 7.03%. Bulgartabak Holding's shares dropped by 18.17%.
According to experts, the main reason for the drop of SOFIX were the continuing political instability in Bulgaria and the events around the Corporate Commercial Bank (KTB).
- » KTB Directors: BNB Report Is 'A Lampoon'
- » Deposits In Bulgaria's Banks Up BGN 531 M In September
- » EU Bank Watchdog Urges Bulgaria to Ensure Instant Access to KTB Deposits
- » Conservators at Bulgaria’s Corpbank Submit Audit Report
- » Finance Ministry Reopens 10.5-Year Issue of BGN-Denominated Govt Securities
- » Tsvetan Vasilev: BNB Not Willing to Discuss Options to Restructure Corpbank
I believe this has happened in other countries whereby the national banking system has been forced into instability or bankruptcy which has enabled foreign banks and organizations to snap up the national banks cheaply. I sincerely hope that this does not happen here as I am sure it will be also used as a means of forcing Bulgaria into the failing Eurozone