10 10 2007 Zagreb_ After Croatian Telecom, HT, shares went on sale on the Zagreb stock exchange, the Crobex index hit its highest point ever, analysis showed this week.
HT’s shares were offered for the first time on the Zagreb stock exchange, ZSE, on Friday, October 5, and accounted for 41 per cent of total weekly transactions.
ZSE’s Crobex, already at a record level of 5197.2 points on Wednesday, climbed over the 5,200-point-mark on Friday.
With the huge demand for HT shares, Croatian media have introduced special columns relating to share performance, and through these more than 300,000 new shareholders have been able to follow the performance of their stocks.
ZSE’s own web site is still down because it received too many hits.
(for background to HT privatisation, see http://www.birn.eu.com/en/105/15/5110/)
With the addition of HT’s shares, 2,994 transactions took place on Friday - the highest number ever carried out on a single day. In total, 609,831 shares changed hands.
During Friday the price remained around 380 Croatian Kuna, HRK, (€51) per share, which was 43.4 per cent above the initial privatization price of HRK 265 (€36).
Although media speculated at the beginning of this week about an expected drop in the HT share price to HRK350, perhaps encouraging some shareholders to sell, at its lowest point so far on Tuesday HT’s stock was worth HRK358.
Shareholders who have already disposed of their HT stock after buying the maximum allocation at HRK265, would have earned around HRK6,000 (€818) which represents a good monthly salary in Croatia. (Birn)
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