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Stock exchange market maintains the downward trend

The stock exchange market maintains the downward trend from the beginning of the trading session of yesterday. By the middle of the session BET-FI fell by 7.66 per cent, while the general index of the market BET-C registered a depreciation of 4.87, and BET index fell by 4.65 per cent. ROTX index also fell 3.77 per cent. The stock exchange market rose on the last day of the week, the appreciations and the liquidity being lower than in the previous session, according to a report of Banca Transilvania Asset Management (BTAM), quoted by Agerpres.

The debut of the session was negative, the market being influenced by the confidence of Thursday from the US, but the indexes returned in positive territory as a result of the growth from the European stock exchanges. The liquidity on BVB was reduced around to EUR five M, most of the liquidity of Friday coming from the RASDAQ market, thanks to the transfer of some control packages. SIF Moldova sold 18.7 per cent of Intfor Galati for around RON 6.7 M, while Petrom purchased 20.8 per cent of Petrom Aviation shares for RON 9.6 M.

The markets from Europe, especially the financial shares were stimulated on Friday by the approval of Paulson plan and the takeover of Wachovia by Wells Fargo for USD 15.1 bln.

Europe's banks tumble on bailouts, capital needs

LONDON- European bank shares tumbled on Monday as rescue deals for Germany's Hypo Real Estate and Belgian-Dutch company Fortis in a frenzied weekend of activity kept Europe in centre of the financial market storm.By 0740 GMT the DJ Stoxx European bank index was down 5.7 per cent at 274 points, giving up all of Friday's sharp surge.UniCredit shares fell 12 percent after Italy's second-biggest bank said it would ask shareholders for 3 billion euros ($4.1 billion) and boost capital by a further 3.6 billion euros by paying its dividend in shares. It also cut its earnings forecast."It highlights the precarious situation that the banking sector is in," said Mamoun Tazi, analyst at MF Global.Europe's biggest fallers included Dexia, UBS, Commerzbank, Raiffeisen and Erste Group, all down more than 10 percent.Britain's Royal Bank of Scotland fell 12 percent, HBOS lost 14 percent and Barclays and Lloyds shed 7 percent. "What's worrying for the UK banks is the threat the government may step in and buy preference shares and dilute shareholders," Tazi said.

BNP Paribas scoops up Fortis assets in credit crunch

PARIS/BRUSSELS - BNP Paribas agreed to scoop up assets in Belgium and Luxembourg of banking and insurance group Fortis for 14.5 billion euros to become the euro zone's biggest deposit bank.The move followed a weekend of frantic talks with authorities in the two countries eager to stem a cash drain on Fortis and Belgian-French bank Dexia, which received a 6.4 billion-euro bailout last week.BNP Paribas will buy control of Fortis's banking businesses in Belgium and Luxembourg for 9 billion euros, funded through 132.6 million new shares, it said in a statement on Monday.The French bank, one of the least affected by the crisis in credit derivatives that has brought down rivals on both sides of the Atlantic, will also buy Fortis Insurance Belgium for 5.5 billion euros in cash, it said in a statement.The combined bank will have deposits of around 600 billion euros, BNP said in slides on its Web site."It's a good deal for BNP Paribas. The price does not seem excessive," Agilis Gestion fund manager Arnaud Scarpaci said.

Germany eyes shield for entire bank sector

BERLIN - Germany said on Monday it was considering a nationwide "umbrella" to shield its banking sector from market turmoil, a reversal in policy which underscored growing government concerns about financial contagion.A day after Berlin pushed through a rescue for German lender Hypo Real Estate and announced a federal guarantee of over 500 billion euros ($679.5 billion) for private bank deposits, German Finance Minister Peer Steinbrueck said a "Plan B" for the domestic financial sector was under discussion.In recent days, Germany has resisted pressure from European partners for an EU-wide rescue package for banks that would mirror the $700 billion plan in the United States and said bank troubles should be handled on a case-by-case basis.But Steinbrueck reversed course on Monday: "I am very much aware that at some point individual solutions are no longer enough," he told reporters in Berlin. He said Berlin was looking at putting up an "umbrella for Germany as a whole, so that we don't go from one case to the next".

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