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Buyers' enthusiasm pulls up the SIFs 11% on BSE,following proposal to cut the 1% ownership threshold

The sector of the five financial companies or SIFs from the Bucharest Stock Exchange (BSE) closed today's session with an 11 percent advance, as investors raised rapidly share prices, following proposal to eliminate the ownership threshold for SIFs.

The proposal to eliminate the 1 percent ownership threshold from SIFs share capital was initiated by several senators and deputies from different parties, in a bid to revive the capital market as shareholders can benefit from the money they have invested if the threshold is removed, said Ovidiu Marian, one of the initiators.He added the draft law to eliminate the ownership threshold for SIFs could be discussed in the Parliament in September, after the parliamentary vacation. Liquidity amounted to 28.34 million lei in today's session. The BET index of the ten best companies on the market added 1.74 percent to 3,436.57 and the BET-C composite index assessing all listed shares without financial companies increased 1.52 percent to 2,103.20.The BET-FI index of the five SIFs boosted 11.15 percent to 17,419.44 and the ROTX index for trading blue-chips in Vienna advanced 1.86 percent to 6,799.68. The BET-XT index of the 25 most liquid stocks climbed 4.29 percent to 334.47 and the BET-NG index reflecting the evolution of the power market grew 1.04 percent to 493.89. European bourses rose significantly at the closing hour in Bucharest.

The FTSE index in London stepped up 0.61 percent to 4,255.72 and the DAX index in Frankfurt rose 1.42 percent to 4,774.17. The CAC40 index in Paris increased 1.27 percent to 3,156.26. Financial company SIF Oltenia (SIF5) was the most liquid stock with deals of 7.7 million lei and boosted 11.04 percent to 0.905 lei. SIF Moldova (SIF2) hiked 12.03 percent to 0.745 lei, SIF Transilvania (SIF3) climbed 12.08 percent to 0.436 lei, SIF Muntenia (SIF4) gained 9.48 percent to 0.635 lei and SIF Banat-Crisana (SIF1) grew 11.46 percent to 0.875 lei. Second bank by assets BRD SocGen (BRD) added 3.11 percent to 8.30 lei and fifth lender by assets Banca Transilvania (TLV) inched 0.88 percent to 1.15 lei. Romania's top oil company Petrom (SNP) went up 1.76 percent to 0.2310 lei, on deals of 831,000 lei.

 

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Tags: percent sif proposal index bet ownership threshold brd blue

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