The Tallinn bourse and companies listed there have fallen through 2011 year’s bottoms, prices have fallen to the levels of 2009 and 2010 and what was one of the world’s best bourse slats year has entered strong bear market, LETA/Äripäev writes.
Last year, the Tallinn bourse was one of the best bourses in the world, gaining around 70% in a year. Since the start of this year, Nasdaq OMXT index has fallen 21.72%, but if we compared it to the peak of 2011, the fall is even 30.15%.
Äripäev says that the bourse has entered the so-called bear market where investors prefer to sell stocks in fear of bigger losses, even though in ratios, the shares of bourse-listed shares are at the cheapest levels of several years.
“We estimate that a large part of shares that we cover are really valued too low,” commented Swedbank’s Baltic stock analysts manager Marek Randma. “We cover 17 companies in the Baltics now and have issued a “buy” recommendation to a whole 9.”
“All in all we can say that the prices of shares seem attractive but due to general market trend and emotions of investors we can see even more favourable possible purchase places,” said Swedbank Baltic stock analyst Risto Hunt.