Bucharest Bourse Opens Higher In Market Dominated By Fondul Proprietatea

04.12.2013 By Bogdan Neagu

The Bucharest stock exchange inched higher Friday morning, with investors focusing almost solely on Fondul Proprietatea (FP.RO), which continued their rally.

Fondul Proprietatea traded up almost 2.9%, at around 0.67 lei (EUR0.15) per share, close to the all-time high of RON0.675 touched in the day of the listing, January 25, 2011. 

The fund’s shares extended their Thursday gains, coming after Wednesday’s announcement of a buyback program that could start in a few days.

Proprietatea almost single-handedly lifted the market indexes, as almost all other major issuers were falling.

At around 10:30 local time (GMT0730), the Bucharest bourse’s BET index was up 0.21% from Thursday closing level, while general index BET-C was gaining 0.4%.

OMV Petrom (SNP.RO) traded down 1%, while BRD-Groupe Societe Generale (BRD.RO) and Transgaz (TGN.RO) were losing 0.8% and 1.5% respectively. Banca Transilvania (TLV.RO) was gaining 0.5%.

BET-FI, which tracks the main investment funds, was up 0.55%, with only Proprietatea in green territory. SIF Banat-Crisana (SIF1.RO) was falling 1.2%, while both SIF Transilvania (SIF3.RO) and SIF Muntenia (SIF4.RO) traded down 0.4%.

Bucharest benchmark index BET-BK inched down 0.07%, while BET-XT was up a mere 0.05%.

Energy stocks tracker BET-NG was down 0.27%, as Petrom and Transgaz declines weighed heavily, despite Rompetrol Rafinare’s (RRC.RO) 3.7% advance.

The bourse’s total traded value was RON3.3 million (EUR0.7 million) at 10:30, with about 90% coming from Proprietatea trades. (EUR1=RON4.3924)