Bucharest Shares Close Down, Despite Upward Start

04.21.2011 By Andrei Circhelan

Bucharest-traded shares closed Thursday in the red, despite starting out on a positive trend, while the regional investment funds SIFs managed to stay above par.

Bucharest-traded shares closed Thursday in the red, despite starting out on a positive trend, while the regional investment funds SIFs managed to stay above par.

The Bucharest Stock Exchange's composite index BET-C closed down 0.93% on the day, to 3,501.96, while the 10-share blue-chip tracker BET fell 1.25%, to 5,867.45.

These two indexes were held back by the negative evolutions of oil company OMV Petrom (SNP.RO) - whose shares closed down 1.14%, and lender BRD-Groupe Societe Generale (BRD.

RO) - down 1.93%, which could not be offset by the 0.26% increase of investment fund Fondul Proprietatea (FP.RO) stock.

BET-FI, the index tracking the Proprietatea fund and the SIFs, closed up 0.2% on the day, as SIF Transilvania (SIF3.RO) was the only one with a decrease, of just 0.17%. SIF Moldova stock (SIF2.RO) was suspended from trading, pending a shareholder meeting set for today but put off to Friday for lack of quorum.

BET-XT, the index tracking the top-25 most traded issuers, including the SIFs, dropped 0.81% to 548.96, while energy companies tracker BET-NG closed at 826.53, down 0.67% on the day.

Trades unfolded on the Bucharest Stock Exchange Thursday amounted to 41.2 million lei (EUR10 million), with RON20.74 million coming from a total five deal market trades with the shares of lender Banca Transilvania (TLV.RO) and the Proprietatea fund. Wednesday's overall traded value stood at RON39.63 million.

Aside from the deal market trades, which provided almost half of today's turnover, today's top-traded issuer, the Proprietatea fund, was subject to transactions worth a total RON3.19 million. Its shares closed at RON0.58.

BRD was a close second in the top-traded issuers chart, since its stock was subject to main market transactions worth a total RON3 million.

Other popular stock Thursday included SIF Oltenia (SIF5.RO) - up 0.06% and state-owned energy transporters Transgaz (TGN.RO) - down 0.38% and Transelectrica (TEL.RO) - down 0.14% on the day. (EUR1=RON4.0906)