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Bucharest investors lose one-year gains in a single week

In the past week the Bucharest Stock Exchange (BVB) has shed 6.7 billion euros, of which approximately 4 billion euros represented by Erste Bank (EBS) share decline, and 2.74 billion euros the nose dive taken by the listed Romanian companies' shares, Ziarul financiar reports.

In 2007, when Erste was not yet listed on BVB, the bank's capitalization advanced by 3.2 billion euros, so that the last week decline almost wiped out the last year gain.

BET Index lost last week 27 percent and SIFs Index, BET-FI, plummeted by 44 percent, sufficiently big declines to wipe out the one year gains on the Bourse.

Since this year-start, the capitalization of local companies listed on the main market was reduced by more than 16 billion euros, from 24.6 billion euros to 8.47 billion euros. This decline accounts for some 12 percent of Romania's GDP and more than the cumulated turnover of all the BVB listed companies, which last year stood at some 11 billion euros, stressed the daily.

Following the steep declines last week, the majority of listed shares dropped to levels similar to those in 2004.

As such, Petrom shares lost 33 percent, concluding Friday at 0.216 lei/share, price close to the one paid by Austrian OMV group in 2004 for the takeover of the majority share package. Petrom's capitalization went down to 3.25 billion euros, under conditions in which this exceeded 10 billion euros last year.

In BRD case, last week decline brought its capitalization to the level of 1.37 billion euros, nine-fold lower than the value of the bank's assets at the end of the first half of the year, which stood close to 12 billion euros.

According to the newspaper, the heaviest blow was received by the five SIFs, which cumulated have reached the value of some 550 million euros, less than each one's capitalization at last year-end.

The strong declines which which made a mess of the bourse last week determined some of the most important companies' management to take actions in order to reduce the selling pressures and to calm investors.

 

Sursa: http://www.rompress.ro

Tags: euros billion capitalization listed which brd bet bvb

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