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Romanian economy prognoses cause fall in Stock Exchange indices

The drops in the Stock Exchange indices on Monday and Tuesday were caused by both the evolution of the European markets and by the pessimistic forecasts for the Romanian economy in 2009, according to a report of the Transylvania Asset Management Bank (BTAM).

Thus, the BET-FI index of the Financial Investment Companies (SIFs) dropped by almost 6 percent in mid-session, with the BET index of the most traded shares having fallen by 5.21 percent.

The BET index plunged during the session on Monday by 2.2 percent, with the BET-FI index having fallen by 2.8 percent.

Moreover, the quotations of the shares listed on the Bucharest Stock Exchange went down because of the budget deficit projection made public by the European Commission (EC). The EC announced on Monday it expects a budget deficit at 7.5 percent of the GDP in 2009, that is much above 2 percent.

At the same time, expectations related to the economic growth are being adjusted downwards day by day, both by analysts and by the Government or the National Forecast Commission (CNP). Thus, CNP revised low on Monday estimations for 2009 to plus 2.5 percent, while the European Commission forecast a growth by 1.75 percent, and with the ING analysts, who are usually the most pessimistic on the market, seeing a GDP shrinking by 3.5 percent this year.

 

Sursa: http://www.rompress.ro

Tags: percent stock exchange bet ing

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