Market Overview (20th December – 23th December)

The main Bulgarian index SOFIX increased by 2.22% this week, up to 637.01 points. The broad index BGBX40 increased by 1.58% to 143.25 points. BGREIT increased this trading week to 164.80 points, up by 1.04%.

Corporate News       

Sopharma AD (SFA) announced that the board of directors has taken the decision to sell its Latvian company “SIA Breeze”. This step is in accordance with the group’s strategy to optimize its business activity and stronger performance in the existing markets.

M+S Hydraulic AD (MSH) and Hydraulic Elements and Systems (HES) reported numbers for the first 11-months of the year.

M+S Hydraulic AD reports sales of BGN 14.7mln for November and BGN 138.8mln for the first 11 months. and interim unofficial gross profit of BGN 1.79mln for November.

Hydraulic Elements and Systems AD announced unofficial financial results for November – gross profit of BGN 927 thousand, a total of BGN 8.7mln since the beginning of the year.

Economic News                                                       

Active COVID-19 cases in Bulgaria are on a decreasing trend with a 7-day MA of 1,315 cases. The active cases at the end of the week were 95,459. The total number of fully vaccinated people so far is 1,901mln, which is 27.4% of the population in Bulgaria.

You can access the pdf file here.



The analyst (s) responsible for the preparation of this document shall ensure that: (1) they take all necessary care to accurately reflect the information contained in this document; (2) no part of the analyst’s remuneration is, has been or will be linked, directly or indirectly, to the recommendation or opinions expressed in this document.

Financial interest: Sofia International Securities may trade or own the financial instruments specified in this document. Sofia International Securities does not own more than 5% of the financial instruments in circulation, subject to analysis or comment in this document. The analyst (s) do not own any shares of the companies, unless explicitly mentioned.

Disclosure of information

Due care has been taken to ensure the accuracy of the facts cited, the reliability of the sources of information and the clear definition of the assumptions, predictions, forecasts and expected prices in this document. The information presented in this document is based on publicly available information, which is considered reliable, but for which no responsibility is taken for completeness and accuracy. Neither Sofia International Securities nor the company’s employees should be held responsible for the publicly available information used. The opinion expressed in this document may differ from the disclosed views in other departments and divisions of Sofia International Securities or from other employees. Additional information on this document is available upon request. The sources of information in the tables and graphs in this document are calculations by Sofia International Securities, unless otherwise stated.

Risks for investors

This document has been prepared and presented for the purpose of summary and informational purposes only and does not constitute a study within the meaning of Art. 13 of Commission Delegated Directive (EU) 2017/593 of 7 April 2016. The information in this document should not be considered as an offer to buy or sell financial instruments or an independent investment council within the meaning of Directive 2014/65 / EU of The European Parliament and the Council of 15 May 2014, Sofia International Securities AD has not assessed the appropriateness in relation to the financial instruments mentioned in this document. The investment opportunities discussed in this document may not be appropriate for certain investors depending on their investment objectives and time horizon or in the context of their overall financial condition. The risks associated with investing in the financial instruments mentioned in this document are not fully explained. The price or value of the investment may decrease or increase. Securities or investments can lead to losses for the investor. A previous achievement is not a guarantee of future performance. Changes in exchange rates may have an adverse effect on the value, price or return on investment in securities. Sofia International Securities AD assumes no responsibility for losses incurred in connection with investments made on the basis of information contained in this document.


The analyzes of Sofia International Securities are the exclusive property of the investment intermediary and any publication, distribution, reprinting and citation of content is possible only after the explicit written consent of the “Research and Analysis” department of the company. It is not allowed to use the analyzes of the investment intermediary from a third party for commercial purposes.