After an optimistic start of the month and modest growth in the second week, the past five sessions left the Bulgarian Stock Exchange (BSE) groping for direction.

The benchmark SOFIX index of the blue chips finished four of the past five sessions in the red, sinking to 389.11 points on Friday. It lost 2% for the week.

The broader BG40, BGTR30 of the stocks with the highest market capitalisation and liquidity and Dnevnik 20 of the biggest and most liquid stocks also headed south for the week. Only the sector index BGREIT eked out a tiny increase, mostly thanks to the solid gains posted at the opening session.

“The SOFIX index remained the key resistance level of 401 points, which forced shares lower in the past week. Meanwhile, the leading indices in Europe and the US also turned red, reflecting investors’ expectations of a slowdown in global economic recovery,” Vladimir Nechev, dealer with Investbank, told Dnevnik.

Volumes in over-the-counter trade remained high, sometimes even exceeding those on the regulated segment. The OTC market peaked on Wednesday, when real estate investment trust (REIT) InterCapital Property Development traded shares worth BGN 1.8 million.