In the past week three of the indexes reported growths, led by BG T30 with 0.71%, while BG REIT only stepped back of the positions gained, losing half a percentage of its value. For the month the picture is slightly different as the indices separate two by two in respect of the change in their value - BG 40 and BG REIT rose while BG TR30 and Sofix reported declines. Leaders in turnover during the week were shares of CEZ Distribution Bulgaria AD with 18 million lev, followed by CEZ Electro Bulgaria AD with 4.6 million lev, and the third with 3 million lev turnover were Balkan and Sea Properties REIT and CCB Real Estate Fund REIT. The results of the regular NSI survey show that in November 2012 the total business climate indicator rose by 0.9 percentage points from its October level. A better business climate is registered in industry (by 3.5 points) and service sector (by 3.6 points), while in the construction and retail have a worsening economic situation (by 5.3 and 1.2 percentage points).

On the developed markets around the world  the week ended positively. Credit agency Moody's downgraded the EU rescue fund ESM (European Stability Mechanism) and the EFSF from Aaa to Aa1, once in November cut the ratings of France and said it would review these of the funds, transmits Reuters. A few days before the Supreme Court of European Union in Luxembourg judged that a permanent bailout fund for the eurozone ESM is not contrary to EU law. Pronouncement of the Court of Justice was asked for an opinion on the Irish legislation forwarded by the Irish High Court. On Monday it was reported that the finance ministers of the eurozone and the IMF reached agreement on the Greek debt reduction following over the 10-hour negotiations. Greece's creditors set out as an objective to reduce the country's debt by 40 billion euro to 124 % of GDP by 2020 through a package of measures. It is being discussed the option to buy back Greek bonds and lower interest rates on rescue loans to Greece.

Collective investment schemes managed by UBB Asset Management has divided in their performance - UBB Premium Equity and UBB Patrimonium Land reported decreases of 0.20 % and 0.31 %, while UBB Balanced Fund and UBB Platinum Bond recorded gains of respectively 0.02 % and 0.10 %. Transactions concluded last week have intended to reach the set target weights for each of the positions in the portfolio....more »

Tihomir Nenov, risk manager