Corrections on Foreign Markets Cause Ripples in Bucharest

Corrections on Foreign Markets Cause Ripples in Bucharest

The Bucharest Stock Exchange has lost almost 2 billion euros of its capitalisation in the last three trading sessions, whilst the RON lost around 1.5% against the euro, coming close to this year's low registered in September, reported

The main indicators of the Bucharest Stock Exchange (BSE) lost 4% to 5% over the last three trading sessions due to dwindling liquidity, given that the international markets were hit by corrections again. Brokers say that the situation on the foreign markets is still not clear and are reluctant to offer forecasts for the coming period.

SIFs were the main losers yesterday, with an average decline of 2.4%, while the BET index of the ten most liquid companies on the BSE lost 0.57% after registering a heavier decline during Friday's session.

The decline on the Bucharest Stock Exchange comes at a time when the indices of the US stock markets have witnessed significant drops, of more than 2.5% on Friday and the main indicators of the leading European banks shed 1.2% to 2% yesterday. The Asian markets were not free of corrections, either, with the Tokyo Stock Exchange losing more than 2.2%.

The new corrections were caused by the statements made by the finance ministers and by the governors of the central banks in G7. They said that increased lending costs, record high oil prices and the real estate sector crisis would slow down the economic growth of the United States of America.

Still, brokers say the low traded volumes on the market yesterday do not indicate massive sales by foreign investment funds, although the severe corrections that the blue chips suffered at the close of Friday's session could have been due to the exit of an institutional investor.

Brokers feel that the main event that could nudge the market back on track at the end of the year is the initial public offering for the listing of Transgaz.

The upcoming IPO could lead to the emergence of some very attractive investment opportunities among the already existing shares on the market, because of the sales conducted by some of the investors that want to receive money to subscribe, as well as of the entry of some foreign funds on the market.

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