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BET index ends H1 in first downhill streak after 2000

The BET index closed the first semester in the first downhill streak after 2000 of the Bucharest Stock Exchange (BVB).

The decline on international markets was the decisive element for the performance of the Bucharest Stock Exchange in H1, 2008, with the main market index - the BET-C - losing 29 pct in this interval. Just like on foreign exchanges, the sector of financial services was among the most affected, with the BET-FI index that tracks the evolution of the five Financial Investment Societies (SIFs) falling almost 40 pct over the first six months of the year, and issuer Broker Cluj (BRK) falling 65 pct. As a rule, the companies that witnessed the sharpest decline were also the ones to post poor results in Q1, such as Artrom Slatina (ART), Rompetrol Refinery (RRC) and Turbomecanica Bucharest (TBM), that fell more than two times in the first half of 2008. Real estate developer Impact Bucharest (IMP) too slumped 56 pct since the beginning of the year, as a side effect of the US credit crunch. Drugs producer Biofarm Bucharest (BIO) also lost 50 pct since early 2008. Fertilizer producers Azomures Targu-Mures (AZO) and Amonil Slobozia (AMO) offered a surprise, seeing record-high profits in Q1 amid the foodstuff crisis, after having teetered on the brink of insolvency in the last years. Azomures witnessed the most substantial advance on the Stock Exchange, posting a growth of 3.3 times. Another surprise was the record profit of Petrom in Q1, 200, up 2.6 times from the similar period of 2007, hitting 265 million euro. Petrom advanced 40 pct on the Stock Exchange following the announcement of mid-year positive outcomes, yet failed to top the end-2007 quotation. This was the year of the first international listing, with Erste Bank - majority shareholder with Romania's largest bank BCR - trading concomitantly in Bucharest, Vienna and Prague. Sursa: http://www.rompress.ro

Tags: bucharest bet after first index bcr bvb euro

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