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SSIF Intercapital: Too few interesting issuers on Romanian Stock Exchange

The Romanian capital market will witness quite a strong development, yet not at fabulous growth rates, and it will take some time before it catches up with other exchanges like those in the Czech Republic, Hungary or Poland, says Razvan Pasol, SSIF Intercapital director general and one of the best known Romanian brokers.

The Romanian Stock Exchange counts however among the top-five such institutions in Central and Eastern Europe, said Pasol in an interview with daily Gandul. 'In recent years, Romania's bourse indicators had quite a robust advance, annual trades topped 5 billion euro (the Rasdaq over-the counter market included). This is not too high a value, but it's good and the growth pace is strong. The amount of Rasdaq trades increased five times in 2007 against the year before,' said the broker. The other exchanges in the region enjoy a head start against Romania, says Pasol, mentioning also some of the reasons why the Romanian market is lagging behind. Romania had the management-employee buyout program implemented, that had both strong and weak points; a positive aspect is that it provided a sort of compensation for the grim times of communism, said the broker. 'The state's mistake was that it did not inform the people on their rights and possibilities as investors, so that instead of million stock exchange investors, all we got were several millions of coupon-holders, people who were handed a piece of paper they abandoned in a drawer or struggled to sell as fast as possible. That's how we got to have more than 5,000 companies listed on the Stock Exchange, the bulk of which had financial difficulties (which is why many were meanwhile de-listed, trimming the lot to some 2,000); this was a massive floatation process the main effect of which has been just to cause confusion on the capital market,' said the SSIF Intercapital director-general. There are indeed a few interesting issuers on the Bucharest Stock Exchange, considers Pasol, citing Petrom and the Financial Investment Companies (SIFs) to this category. 'The Romanian Stock Exchange is in a country with an economic growth rate and an advance in corporate profitability higher than in other countries,' said the broker. The institution's weak points are the too few interesting issuers and implicitly the still lacking liquidity,' added Pasol. Sursa: http://www.actmedia.ro

Tags: exchange pasol stock romanian interesting issuers intercapital euro

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