New record for Hansapank

  • 2003-06-05
  • Baltic News Service
RIGA

The Baltic Index, led by Hansapank, climbed 2 percent over the past week to reach 213.2 points.

On June 2 Hansapank rose 2.5 percent in 9.3 million kroons' (600,000 euros') worth of deals to reach an all-time high of 293.7 kroons.

This rise followed a 2.8 percent jump last week. "I and several local analysts don't consider this price level justified, but apparently foreign funds making long-term investments do," said Henno Viires of LHV, an investment bank. "In the summer the stock may significantly drop from the present level."

In the May 26 - 30 period, turnover of Baltic Index stocks comprised 23.2 million euros, with Estonian shares making up 97.7 percent of that amount.

In Estonia, Hansapank reached record territory - the 287 kroon mark - on May 29.

"Hansa was the key player of the week. At the start of the week the price moved aggressively up, but toward the end of the week sellers too turned out and the price edged down," investment bank Trigon Markets broker Kaur Elviste said.

Eesti Telekom lost 0.7 percent of its value last week, finishing at 98.9 kroons, while seat belt maker Norma shed 1.2 percent to end at 77.61 kroons.

"The closer the summer comes the more sluggish trade becomes and going by earlier seasonal experience prices will come down, too," Elviste said.

Turnover on the typically sluggish Riga stock market was down last week, reaching only slightly over 300,000 euros. The lack in investor interest could be related to the storms around privatization of the state-owned stake in Latvijas Krajbanka savings bank and Ventspils Nafta oil terminal, and also general shareholder meetings held for many companies during the past week, according to brokers.

Last week the Latvian Privatization Agency approved the sale of a 5 percent stake in the terminal reserved for its largest shareholder Latvijas Naftas Tranzits at a price of 1.31 euros per share.

In Vilnius, Klaipedos Transporto Laivynas stole the spotlight, with investors encouraged by the successful completion of the shipping company's privatization. KTL shares, listed on the Current List, ended the week 2.2 percent higher at 0.45 litas on turnover of 1.4 million litas (400,000 euros).

Lietuvos Telekomas led trading on the Official List, ending the week 2.6 percent higher on a turnover of 795,700 litas.

The refrigerator producer Snaige shot up 8.7 percent to 150 litas on a turnover of 150,800 litas.

The TV-tube producer Ekranas remained stable at 5.2 litas, while the deflection yoke manufacturer Vilniaus Vingis was one of the few losers, dropping 2.1 percent to 6.7 litas.

Stumbras, the biggest of Lithuania's four beverage companies currently undergoing privatization, was off 0.9 percent to 5.3 litas in trade worth 561,900 litas.

Sanitas rose 0.5 percent to 4.1 litas with 653,700 litas' worth of shares in Lithuania's biggest pharmaceutical company traded. Kremi, controlled by the investment group Invalda, purchased 14.9 percent of shares in Sanitas as it carried though its tender offer on May 29. It paid a total of 3.9 million litas for 831,900 shares in the pharmaceutical company.

Total turnover on the Lithuanian exchange reached 25.9 million litas.