Stocks set new record

  • 2003-06-19
  • Baltic News Service
The Baltic Index nudged forward into record territory, ending the June 13 week at 218.7 points on a sluggish turnover of 7.2 million euros.
As usual Estonian stocks made up for almost all - 93.7 percent - of the Baltic List's weekly turnover, while Lithuania mustered 5 percent and Latvian stocks a measly 1.18 percent.
The biggest gainers on the Baltic List were the Lithuanian cheese maker Rokiskio Suris, which jumped by 9.1 percent, and Lietuvos Telekomas, which gained 1.68 percent on news of mass layoffs and cost-cutting efforts by management.
In Tallinn market leader Eesti Telekom gained 5.5 percent, which helped boost the TALSE index 2.5 over the week.
"Stock prices have moved to the levels justified by fundamentals or even above that," Hansabank equity department chief Lauri Lind said. "Growth relies upon the buying interest of Scandinavian and London investors that has been big so far," Lind added.
Car-seat-belt maker Norma gained 4.2 percent to close at 76.67 kroons (4.9 euros), while Hansapank inched up 1 percent to 287.2 kroons.
"Hansa's share continued to have the biggest turnover, also its volatility was bigger than usual this week," Lind said.
The construction company Merko Ehitus, which has ascended rapidly this year to its all-time high, shed 2.4 percent during the week to end at 108.7 kroons.
In Latvia activity on the Riga Stock Exchange remained low, with traders paying more attention to debt instruments.
The Latvian Privatization Agency announced on June 13 that trade in Latvijas Kugnieciba, shipping company (LASCO) shares that have not yet been purchased might start on July 3. Together with reserve shares and company shares that were allocated to employees and former employees, 11.5 million shares, or a 5.76 percent stake, are still in state hands.
Ventspils Nafta generated trade of 21,400 lats (32,400 euros) to emerge as the third busiest stock on the RSE over the week. The stock price also remained flat at 1 lat.
Lithuanian stocks continued to advance amid active trading in the outgoing week, as investors' attention remained focused on utilities, telecommunications and beverages.
Lietuvos Telekomas was the most traded stock among blue chips, as it climbed 1.7 percent on turnover of 599,300 litas (171,000 euros). Lietuvos Dujos, listed on the Current List, was the market's star performer, as it surged 12 percent on a turnover of 1.3 million litas.
In the oil sector, the oil terminal Klaipedos Nafta shot up 10.1 percent on a turnover of 686,800 litas, while Mazeikiu Nafta soared 13 percent with 511,400 litas' worth of stock changing hands.
In block trading, 337,300 litas' worth of shares in Vilniaus Degtine, one of Lithuania's four beverage companies currently undergoing privatization, changed hands.