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Farmache: General drop on BVB has been generated by abrupt moves on international markets

The high volatility on the Bucharest Stock Exchange (BVB) is normal for an emergent market and the main reasons for a general decrease are the abrupt moves on the international markets and their high volatility, BVB head Stere Farmache told a news conference on Wednesday.

'Romania's economy has a potential for development of which the companies listed on the BVB can benefit from. The current financial system is a solid one. The exchange rate on the banking market is in a favorable position, the leu/euro exchange rate is going down and investors have to consider the elements on the financial market,' Farmache said.

Moreover, the BVB mentioned that the Romanian stock exchange market is 'young and undergoes a maturing process.'

'The Stock Exchange will highly develop when we will have bigger companies listing on it. It will make it stronger. The financial market evolutions do not have to discourage smaller companies,' the BVB official said.

The measure to suspend the trading session of the BVB will not be extended for Thursday, Farmache said. 'The decision to suspend the BVB session has been taken following consultations with financial investment service companies and most of the financial intermediaries voiced wish that the session should not be resumed today (Wednesday, edt's note). The decision to suspend the trading session is founded and has been taken after similar decisions were taken on the international markets,' the BVB president said.

As regards the resuming of the trading session on some foreign stock exchange markets on Wednesday, Farmache mentioned that, though the evolution of the foreign financial markets seem to change, Romanian investors need a break. 'A break is welcome for investors. Thus, they will be able to assess more clearly the perspective for investment and the economic society, the evolution of the banking market, the evolution of the stock exchange. The signals do not suggest panic,' he said.

The BVB on Wednesday, at 11:08 suspended the transactions, after the main indexes went down over 10 percent and the financial investment companies decreased by 14.64 percent.

 

Sursa: http://www.rompress.ro

Tags: bvb companies financial session market exchange international farmache markets stock euro

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