Bucharest Shares Close Up, Despite Shaky Start

04.27.2011 By Andrei Circhelan

Bucharest-traded shares closed Wednesday on an upward path, despite an oscillating start to the session, in a mostly quiet session as almost 30 issuers were suspended for shareholder meetings.

Bucharest-traded shares closed Wednesday on an upward path, despite an oscillating start to the session, in a mostly quiet session as almost 30 issuers were suspended for shareholder meetings.

However, the bourse's total turnover was supported by two deal market trades in lender BRD-Groupe Societe Generale (BRD.RO). Trades unfolded Wednesday on the Bucharest Stock Exchange amounted to 37.44 million lei (EUR9.2 million), with RON29.6 million coming from the BRD deals. Another RON1.62 million came from one deal market trade in Bucharest bourse operator BVB (BVB.

The Bucharest Stock Exchange's composite index BET-C rose 0.64% on the day, to 3,530.61, while the 10-share blue-chip index BET gained 0.71% on the day, to 5,936.18.

BET-FI, the index tracking the five regional investment funds, or SIFs, and investment fund Fondul Proprietatea (FP.RO), closed at 25,826.29, down 0.05% on the day. The Proprietatea fund, which usually drives liquidity, and SIF Banat-Crisana (SIF1.RO), had their stock suspended today, for shareholder meetings. The SIF Banat-Crisana meeting was postponed until Thursday, for lack of quorum.

Fondul Proprietatea holders Wednesday approved the Finance Ministry's request to raise at RON0.03141 lei per share the dividend due for last year's profits.

Wider blue-chip index BET-XT, which also includes the SIFs, rose 0.47%, to 552.47, while BET-NG, the index tracking energy companies, closed at 835.69, up 0.67% on the day.

With the Proprietatea fund missing from the board, investors focused mostly on lenders and SIFs today.

As such, Banca Transilvania (TLV.RO) was the top-traded issuer on the regular market. Its shares rose 1.73% on the day, to RON1.532, on a traded value of RON1.11 million. The bank was the only issuer to achieve a total traded value higher than RON1 million today.

State-owned gas transporter Transgaz (TGN.RO) was Wednesday's second-top traded issuer on the main market. Its shares closed up 0.56%, to RON1.5, on a traded value of RON0.88 million.

Other popular stock Wednesday included SIF Muntenia (SIF4.RO) - up 0.24% to RON0.85, Erste Group Bank (EBS.RO) - up 0.28% to RON144 and plane parts maker Aerostar (ARS.RO) - down 6.25% to RON1.05. (EUR1=RON4.0767)