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Brokers: BVB could surge 20-30 pct in 2012

Bucharest Stock Exchange (BVB) could surge 20-30 percent in 2012, after a year of decline, when all national sectoral indexes recorded decreases ranging from 12 to 20 percent, Chairman of Intercapital Invest brokerage house Razvan Pasol told Agerpres.

BVB trading activity resumed on Wednesday, after a year of decline, the third for the main index BET, after 1998 and 2008. The BET index, reflecting the developments in the 10 most liquid stocks, fell 17.68 percent in 2011.

Razvan Pasol foresees an increase of BVB in 2012, both regarding prices and liquidity, but the evolution will be significantly influenced by the international situation.

'I do not expect the liquidity to surge sharply. Getting out of the crisis will require a gradual process, I do not forecast huge increases. The greatest challenge of 2012 is to succeed in passing to another level through the privatization program carried out by the state via the Stock Exchange, a very ambitious program the capital market has been awaiting for a very long time. Such projects have crucially contributed to the development of the region-based stock exchanges and we wish this program to be implemented and respected,' Razvan Pasol said.

He also reiterated that the concrete projects linked to this program have not been concluded in 2012. 'We have a schedule now, the challenge is to stick to it. Without new listings, without new offers, there is no way the stock exchange is going to develop,' Pasol underscored.

Under an agreement signed with the International Monetary Fund (IMF), the Romanian Government pledged to sell on the BVB share packages accounting for 15 percent of the social capital of Romgaz, Transelectrica, Transgaz, 10 percent of Hidroelectrica and Nuclearelectrica, nearly 10 percent of Petrom, 20 percent of CFR Freight and 20 percent of Tarom national air carrier.

Intercapital Invest is part of the consortium to intermediate the Transelectrica offer and intends to take part also in the auction for the Romgaz offer.

'If the offers from the state are successfully finalized, listing offers on the stock exchange are going to appear also from the private environment. We already are in talks with several potential issuers of shares and bonds for 2012,' Intercapital Invest chairman pointed out.

Intercapital Invest might intermediate in 2012 an initial public offering aiming at selling shares, a listing of an international company from another EU member state and also an issue of bonds of an important company from Romania.

Sursa: http://www.agerpres.ro

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