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Brokers: Political crisis cuts off Stock Exchange from foreign markets

The Bucharest Stock Exchange went up slightly on Thursday despite the rises reported by the major indexes of the foreign international stock markets, daily Ziarul Financiar reports.

BET, the index of the most liquid companies on the market lost almost 1.1 percent, whereas BET-C, the market's general index grew by 0.1 percent. Financial investment companies reported a slight increase after the corrections of Wednesday, with the BET-FI index increasing almost 0.7 percent. The index of the energy sector, BET-NG fell by 0.4 percent considering the most important banks reported contrary evolutions. The shares of Petrom (SNP) lost 3.7 percent, the shares of Rompetrom Rafinare (RRC) ended at the level of Wednesday, whereas the shares of Transgaz (TGN) grew by 0.6 percent.

'A new wave of confidence has started to be visible because of the political situation considering that the Government might collapse. Many traders have emerged on the market and buyers are reserved. I believe the situation is ticklish for Romania, therefore, the Stock Exchange can no longer correlate with external markets. On Thursday, allowing for the favorable external context, the Stock Exchange should have gone up by 3-4 percent. We had a very good session,' said Gabriel Necula, operations deputy manager with Prime Transaction.

Necula believes that despite a good correlation with the international markets, a prospective collapse of the government would cut off from their evolution. 'The political crisis Romania is confronted with at present mirrors in the exchange rate and the Bucharest Stock exchange, therefore, we cannot stay indifferent. If they go up, the crisis in Romania will halt the appreciations of Bucharest, whereas if foreign markets go down, the Bucharest Stock Exchange will have even higher changes,' Necula said.

Sursa: http://www.actmedia.eu

Tags: stock exchange percent markets foreign crisis political bet

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