The Baltic Index continued its relentless upward climb, finishing up 0.7 percent last week to reach a new record of 220.2 points.
Fueled by foreign interest, the index has climbed 30 percent since the beginning of the year and appears set to continue its ascent as the Baltic states prepare to join the European Union and NATO.
Turnover with Baltic List stocks over the week ending June 27 amounted to a paltry 6 million euros due to the short work week on all three Baltic state exchanges.
As usual the largest share of turnover was on Estonian stocks, comprising 87.8 percent of total turnover, while Lithuanian and Latvian stocks made up 10.7 and 1.4 percent of the total respectively.
The biggest event of the shortened week was bigger than usual turnover and a rapid rise in the price of Eesti Telekom stock, climbing 6.1 percent to 110.7 kroons (7.1 euros), its highest level in three years.
"I maintain that shares in Telekom are too expensive compared with Hansa's and Norma's. Naturally, trading isn't always at the company's fundamental assessment level," Sampo Bank broker Ene Ounmaa said.
"Also, expectations concerning development of the firm are different. Maybe the idea in buying the share is that TeliaSonera will start buying out shares in Eesti Telekom at a higher price than at present," Ounmaa said.
Hansapank, the Baltic states' most capitalized company which led a fast price rise ahead of the other blue chips about a month ago, was largely unchanged over the outgoing week. The price fell 0.1 percent and closed at 280.8 kroons on trade of 50.8 million kroons.
Ounmaa said there was little movement in Hansa's stock all through the week as bigger investors' interest had been satisfied at this price level. But new buying interest could be expected below 18 euros, she said.
In Latvia, turnover was up despite the three-day trading week after a Privatization Agency decision on June 28 to extend negotiations for the privatization of a 5 percent state-owned share in Ventspils Nafta, the oil terminal, reserved for majority private shareholder LNT. The deal means that LNT could potentially hold 52 percent of the oil terminal, which, according to Latvian law, would trigger an automatic share buyout of minority shareholders' stakes by LNT.
Lietuvos Telekomas remained the star performer among blue chips, gaining 3.1 percent and 1.1 million litas (314,000 euros) worth of stock changing hands. However, most of this impressive turnover came from one deal on June 25.
The refrigerator producer Snaige was off 0.3 percent on a turnover of 693,600 litas.
In the beverages sector, Vilniaus Degtine remained stable at 0.97 litas on a turnover of 622,800 litas, while Stumbras put on 2.2 percent with 386,200 litas of stock changing hands.
Alita ended the week 16 percent higher at 1.06 litas on a turnover of 429,900 litas after a spectacular rally on June 27 following press reports that the Italian group Bosca will be invited to negotiate the sale of an 83.7 percent stake in the beverage company.
