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).
- » Bulgarian Household Deposits Rise 7% Y/Y as of End-July 2016
- » FDI in Bulgaria Down 18.7% Y/Y in H1 2016
- » Bulgaria's C-Bank Publishes Stress Tests Report
- » Stress Test Shows Bulgarian Banks Are Stable - C-Bank
- » Bulgaria's Budget Surplus Revenues 'to Be Invested in Poorer Regions'
- » Bulgaria’s Gross Foreign Debt Dips 1.3% Y/Y in May 2016
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