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Poll shows Stock Exchange investors pessimistic, brokers more optimistic

Bucharest, Sept 11 /Agerpres/ - More than 43 pct of investors expect September to be yet another month of setback for the Stock Exchange and only 15-20 pct believe this will be an upswing period, reveals a poll conducted by capital market research company Prognosis.ro.

According to the poll, investors and brokers' expectations of September are similar but over a six-month horizon, investors are more pessimistic, and brokers more optimistic than one month before.

The investors' indicator of confidence in the accomplishment of the Stock Exchange investment goals (in the next 6 months) hit a new low of (-33p). 'Whereas in March almost half of the investors (48.2 pct) were optimistic and highly optimistic about their succeeding in accomplishing their investment goals on the Stock Exchange, in August their share fell to 25.6 pct,' reads the poll.

And still the number of those who see the Exchange growing in the next six months is more than twofold the number of those who expect it to plummet.

In their turn analysts are prudent. 'Growth will no longer be as spectacular as Monday, but I would neither expect strong profit marking as in the week before. In the days left this week we might assist to price stabilization,' Marian Lupu, deputy director general with brokerage company Estinvest told Business Standard

Other analysts believe that even if possible, a return to previous price highs for certain issuers will happen only after a longer time.

'It will take a longer time before the long-awaited turnaround occurs. And for particular issuers/sectors that lost more than 60 pct, getting back to the previous peaks could even take long years,' said Razvan Rusu, Certinvest investment manager.

On Tuesday's trading session the BET index that reflects the evolution of the top liquid 10 listed issuers (except for the SIFs) fell 1.1pct, whereas the BET-FI, that tracks the evolution of investment societies (SIFs) dropped 0.8 pct. The steepest decline on the Bucharest Stock Exchange was registered by Impact, that fell 10 pct.

Liquidity also kept low, with stock sales on the two regulated markets totaling 17.4 million lei (some 4.8 million euros), by 26 pct less than on the day before. SIF Oltenia (SIF5) was the issuer that changed hands most intensely, falling 0.5 pct, to 1.87 lei/share.

'The previous week's and Monday's recoveries gave stock holders some hope and therefore the sellers were absent from the Stock Exchange as they are probably waiting to see market developments', Mihai Lupu explained the low liquidity.

As for the international situation, both investors and experts in capital markets consider that this has a strong influence on the local market. They also believe that the foreign influences will have an adverse effect in the coming period.

The Prognosis.ro study showed that overall, both investors (70 pct) and experts (80 pct) are unhappy with how the National Securities Commission (CNVM) promotes trust in regulated markets, but also with how the institution prevented market manipulation and fraud.

'Both investors (74.9 pct) and experts (71.2 pct) consider that the activity of CNVM could be improved if Commission members were elected and appointed according to strictly professional criteria by a politically independent commission. The current variant where the proposition and appointment is made by parliamentary committees and by Parliament has the support of less than 2 pct of investors and experts,' reads the cited survey.

The poll was conducted at the end of August on 304 respondents, individual investors and brokers. AGERPRES

Sursa: http://www.rompres.ro/

Tags: investors optimistic stock brokers exchange sif bet

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