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BVB – ups and downs due to international turbulences

World stocks fell again on Tuesday and sterling hit a 2-1/2 year low after talk of government funding hit UK banks.

The appreciations from yesterday on the Stock Exchange lasted only for one hour. In the morning the transactions appreciated; only one hour later the Bucharest Stock Exchange (BVB) switched on the red, The Money Channel informs. The appreciations at the opening of the Stock Exchange session lasted for only one hour. The sellers returned on the market, and the quotations descended in the negative area.

BVB closed downward the trading session of Tuesday, while the index of the financial investment companies, BET-FI, depreciated by 8.25 per cent.

The quotations of the shares listed with BVB depreciated on Tuesday by an average of 4.25 per cent, evolution measured by the composite index BET-C. BET index, which reflects the evolution of the most liquid 10 listed shares, registered a fall of 4.01 per cent. The value of the transactions on BVB amounted to EUR 8.136 M (RON 31.957 M), while on RASDAQ to EUR 683,222.

UK bank funding talk hits stocks, sterling

World stocks fell again on Tuesday and sterling hit a 2-1/2 year low after talk of government funding hit UK banks, erasing gains in the benchmark index made after Australia's surprisingly large interest rate cut. Royal Bank of Scotland fell more than 30 percent while Lloyds also lost 18 percent after traders cited speculation of funding talks with the government. In Iceland, the government has dismissed the board of directors of Landsbanki and has put the Icelandic bank in receivership. The crown currency lost 35 percent to record lows of 350 per euro , on top of a 30 percent fall on Tuesday. Earlier, Australia cut interest rates by a full percentage point to 6 percent, its biggest move in 16 years.

Medvedev gives Russia banks more credit to fight crisis

President Dmitry Medvedev announced on Tuesday an extra 950 billion roubles (USD 36.4 billion) of new credit for banks at an emergency Kremlin meeting to fight a global financial crisis that had given Russian stocks their worst pounding ever the previous day.

Medvedev said that most of the money, which is offered over five years, would be channeled through the biggest two state- controlled banks, Sberbank and VTB.

RON slightly up

After two weeks in which the national currency lost 31 bani in front of the European currency, the RON appreciated by two bani yesterday. The BNR quotation from yesterday for the European currency was RON 3.92, two bani less than on Monday. However the EUR could rise to RON 4.2, the bankers anticipating even a rate of RON 5 per EUR, if the salary rises are approved, The Money Channel informs. The volatility of the rate has already stirred panic on the banking market, the population rushing to turn the deposits in RON into deposits in Euro.

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Tags: percent bvb banks after tuesday bnr euro bet

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