Банкеръ Weekly



A new index, BG-40, will be calculated on the Bulgarian Stock Exchange-Sofia (BSE) from the beginning of next year. The index will include 40 companies. The only criterion for a company to join it will be the number of deals signed. A Stock Exchange Commission on the Indices will gather every six months to propose new companies to BG-40. It will also propose companies that should be excluded from the index based on an updated list of the most liquid issues. The final decision will be taken by the BSE Board of Directors. Unlike the other market index SOFIX, none of the companies will exceed in weight the others, i.e. only the prices and not the number of shares will be taken into account. Transactions on the block and the privatisation segments will not be considered, either. The base index level will be 100. The same calculation methodology is applied for the Dow Jones Industrial Average.The new index will be exploited experimentally by the end of the current year. The initial list of companies includes 13 former privatisation funds: Petrol, LUKoil Neftochim, the attractive tobacco companies, Sopharma, Neochim, etc. The presence of Kremikovtsi is worth noting as its shares have been subject to 385 transactions. The BSE experts decided to put 40 companies in the index, because this is the number of companies whose shares are most actively traded.By introducing BG-40, we want to stimulate the liquidity, BSE Sofia Executive Director Georgi Draichev explained. We want to explain to the Bulgarian business that publicity means clear finances, clear balance-sheets, and a good image.So far, players on the stock market were informed about its movement from the SOFIX index. It now includes 13 companies but their number is variable. Its calculation takes into account both the prices and the number of the shares which makes certain companies weigh more than others. For example, the first five companies included in the index have market capitalisation of BGN1.5BN which is about a half of the total market capitalisation.

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