Bucharest Shares Open Down, Proprietatea Fund Sinks

05.12.2011 By Andrei Circhelan

Investment fund Fondul Proprietatea (FP.RO) drove the Bucharest stock exchange down Tuesday, in the ex-dividend date, but most of the blue-chips were falling in early session.

Proprietatea shares were losing about 6.5%, touching new all-time lows, as yesterday was the last day stock buyers were entitled to receive dividends from last year's profit.

At around GMT0802, the Bucharest Stock Exchange's composite index BET-C was down 1.61% from Wednesday's closing level, while the 10-share blue-chip tracker BET was falling 1.59%.

BET-FI, the index tracking investment fund Fondul Proprietatea (FP.RO) and the SIFs, was down 4.28%, with SIF Banat-Crisana's (SIF1.

The BET Extended index, or BET-XT, which tracks the top 25 blue-chips, was down 1.98%, while the energy companies index, BET-NG, was down 0.39%.

Trades unfolded on the Bucharest Stock Exchange by GMT0804 amounted to 12.16 million lei (EUR2.97 million), higher than in previous sessions.

Popular stock early Thursday included the Proprietatea fund, lender Banca Transilvania (TLV.RO), SIF Oltenia (SIF5.RO), SIF Banat-Crisana and chemical company Oltchim (OLT.RO). (EUR1=RON4.0842)