Shipping stocks dramatically rise, Telekomas drops in the Baltic markets

  • 2002-10-17
  • Boris Epsteins

A 10 percent increase in the value of Latvian Shipping Company stock and a drop in fixed-line Lithuanian carrier Lietuvos Telekomas were the main news on the Baltic markets last week.

The Baltic List index of the 15 most highly capitalized Baltic stocks ended the week flat, inching down 0.5 percent to 160.6 points. Baltic List capitalization was also flat, finishing at 2.71 billion euros.

Deals in Hansapank stock ahead of third-quarter earning results boosted Baltic List turnover 50 percent compared with the previous week to 5.3 million euros.

Block deals with Hansapank highlighted an otherwise quiet week on the Tallinn bourse.

The TALSE index gained 1.74 points or 1.01 percent during the week to finish at 174.84 points.

Hansapank fell 0.47 percent lower over the week to finish at 200.75 kroons or 12.83 euros, and a turnover of 70.5 million kroons. The bank is scheduled to release third-quarter results Oct. 25.

Action picked up on the Riga Stock Exchange last week after news reports that a deal was close to sell a controlling stake in LASCO.

Over the week the RICI index gained 3.54 percent to 206.44 points, while the Dow Jones/Riga Stock Exchange capitalization index gained 2.66 percent to 167.15 points. The euro price Latvian Baltic List index gained 2.49 percent to 183.41 points.

LASCO stocks gained 10.3 percent to 0.32 lats (0.53 euros) on a turnover of 4,867 lats, showing that investors are hesitating in buying or selling the stocks until the shipping company's future becomes more clear.

Information on the sale of LASCO has not yet affected the price of shares in Ventspils Nafta, a major LASCO shareholder, with the price remaining flat at 0.58 lats last week on a turnover of 11,202 lats.

Lithuania's leading blue chip share Lietuvos Telekomas tumbled to yet another record low on the Lithuanian stock exchange last week.

The bourse's benchmark price index Litin-10 was down 2.28 percent to 1256.27 points, the blue chip index Litin fell 5.29 percent to 255.60 points.

Lietuvos Telekomas, the fixed-line telephone monopoly, hit a low of 0.75 litas (0.22 euros) on Oct. 10. It recovered slightly the next day and ended the week at 0.76 litas, a 9.52 percent drop from the previous week.