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Investors support Hansapank, worry about Latvian Shipping Company

  • 2002-10-31
  • Boris Epsteins
Strong financial results by Estonian finance group Hansapank were offset by losses suffered by most of the Lithuanian and Latvian Baltic List stocks.

Therefore the Baltic Index of 15 Estonian, Latvian and Lithuanian blue chips remained almost unchanged last week, inching up only 0.05 percent to 162.63 points.

A substantial gain by Hansabank pushed the Baltic List capitalization up 1.4 percent to 2.87 billion euros.

Last week on the Tallinn Stock Exchange ended on a positive note with Hansapank shares generating the biggest trade thanks to improved financial results forecast by analysts.

The TALSE index climbed 3.45 points or 1.86 percent to 188.25 points over the week and continued to gain early this week.

Shares in Hansapank climbed 3.4 percent from 211.86 kroons to 219.05 kroons on turnover of 58.86 million kroons from 119 deals.

In Latvia, financial results of the largest listed Latvian companies gave no reason for optimism.

Poor results of LASCO shipping company announced at the end of last week actually had an adverse effect on the whole market.

DJRSE capitalization index edged up 0.55 percent to 165.98 points last week, and the price index RICI was down 0.64 percent to 201.98 points.

LASCO stayed flat at 0.30 lats last week, but in view of the nine-month loss of 3.65 million lats announced by the shipping company, the stock may be in for a fall.

LASCO's woes are bound to take their toll on the Ventspils Nafta stock as well since the oil terminal holds nearly 50 percent in the shipping company.

Brisk trading in Lithuania's secondary-listed shipping stocks, slated for privatization, again gave a boost to the stock exchange early last week, but later on, activity subsided. All the major indexes of the bourse drifted lower over the week. The benchmark price index Litin-10 eased 1.30 percent to 1253.27 points and the blue-chip index Litin edged down 0.30 percent to 259.37 points.

In the shipping sector, Klaipedos Transporto Laivynas unexpectedly ended the week 2.38 percent lower at 0.41 litas on 445,000 litas in turnover.