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BVB loses 1 billion euros

The Bucharest Stock Exchange (BVB) on Thursday, March 20, lost over 1 billion euros from capitalization, Cotidianul daily reports on Friday. This is the biggest drop on the Bucharest Stock Exchange in the past 18 months.

The main reason for this is the depreciation of Dow Jones index of the American Stock Exchange. Moreover, according to the source, important investors switched to the dollar, thus generating a severe drop in the stock exchanges, a depreciation of the price of gold and oil and, implicitly, an appreciation of the American currency. BET, the market's main index, lost 7.29 percent on Thursday. BET-C, the index of listed companies, lost 6.72 percent, the biggest drop in the last year and a half. Financial investment companies (SIF) were subject to less depreciation than other companies on BVB. The BET-FI index of SIFs lost over 4 percent. The companies that lost the most were THR Marea Neagra (-14.84 percent), Policolor (-14.58 percent) and Alumil Rom Industry (-12.93 percent). The banking system also witnessed important losses: BRD-SocGen 9.50 percent, Transylvania Bank 5.96 percent and Carpatica Commercial Bank 8.09 percent. Petrom shares' value dropped by 9.09 percent. 'Two reasons triggered the Bucharest Stock Exchange drop: the fact that Dow Jones index depreciated a day before by 2.36 percent and the BET-FI broke the support threshold of 55,000 points,' SSIF Intercapital invest broker Gabriela Aldea said. In her opinion, investors who sold have lost, as she expects the BVB to recover some of the losses over the next few days. Head of SSIF Broker Cluj Petru Prunea believes that the BVB drop was the result of the 'market players' lack of culture. 'Investors have to understand that we, the Romanians, have other problems than the Americans. But Romanian investors have believed Patriciu who announced that the BVB was over-evaluated,' Prunea announced. Businessman Dinu Patriciu on Wednesday said he did not trust the BVB because the shares were expensive and he was expecting new drops. According to Cotidianul daily, the BVB on Thursday was only 5 percent away from a crash. 'BVB closes down if BET index goes down by 12 percent. It has never happened so far but we had drops of 7-9 percent. A depreciation of the BET index by 7 percent took place two years ago, when the Finance Ministry introduced a taxation on the revenues obtained on the stock exchange, of 16 percent,' BVB president Stere Farmache said. Sursa: http://www.rompress.ro

Tags: percent bvb index bet exchange stock bvb sif brd

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