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Romanian stocks plunge on closing today following corrections on international markets

Negative news from international markets triggered significant slumps on the Bucharest Stock Exchange to Thursday, with shares of the financial funds suffering the steepest correction.

Liquidity hiked 12.7 percent to 26.2 million lei (7.14 million euros) from 23.24 million lei in the previous session. A report from the International Monetary Fund (IMF) and the rating report from Fitch influenced the session today, according to broker with IFB Finwest, Liviu Mihuta. IMF estimates Romania's current account deficit to widen to 14.5 percent of the gross domestic product (GDP) this year and start narrowing from 2009. Moreover, the rating agency Fitch said Romania had one of the highest vulnerability levels to systemic risks in the banking field over 2007, because of the fast growing crediting and high volatility of the leu. The main European bourses posted significant drops around the closing hour in Bucharest. The FTSE index in London lost 0.88 percent to 5,931.4, the DAX index in Frankfurt fell 1.49 percent to 6,621.41and the CAC40 index in Paris slid 1.41 percent to 4,806.26. In Romania, the BET index measuring the market’s ten top performers lost 0.98 percent to 7,120.48 and the BET-C index assessing all listed shares minus investment funds lowered 0.88 percent to 5,004.47. The ROTX index for trading blue-chips in Vienna fell 1.68 percent to 16,000.76. The BET-FI index tracking the five investment funds known as SIFs lost 2.57 percent, to 52,976.44.Shares of plastic producer Prodplast (PPL) were the most liquid today with deals of 4.63 million lei and slipped 0.29 percent to 3.45 lei, followed by SIF Moldova (SIF2) which cheapened 2.83 percent to 2.40 lei on trades of 3.58 million lei. SIF Muntenia (SIF4) totalized 3.45 million lei and lowered 3.61 percent to 1.60 lei and SIF Oltenia (SIF5) lost 2.38 percent to 2.87 lei on 2.54 million lei liquidity. SIF Transilvania (SIF3) drew the fifth liquidity on the market (1.8 million lei) and fell 2.65 percent to 1.47 lei. SIF Banat-Crisana (SIF1) slid 1.51 percent to 2.61 lei. Shares of harbor services provider Socep Constanta (SOCP) fell 2.86 percent to 0.34 lei.Second lender by assets, BRD SocGen (BRD) cheapened 2.31 percent to 21.10 lei while fifth lender by assets, Banca Transilvania (TLV) idled at 0.735 lei. Gas operator Transgaz Medias (TGN) slumped 2.3 percent to 221 lei. Erste Bank, Austria's largest bank by assets, listed at the international tier of Bucharest Stock Exchange, fell 4.63 percent to 152.60 lei after being downgraded to “sell'' from ``hold'' on Deutsche Bank concern earnings may slow. Sursa: http://www.actmedia.ro

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