Bucharest Shares Open Up, Proprietatea Fuels Recovery

05.13.2011 ZF English

The main indexes of the Bucharest bourse were up in early trade Friday, as Fondul Proprietatea (FP.RO) returned to growth, while Transgaz (TGN.RO) was gaining 2% after announcing a small increase in profits.

At around 1034 local time (GMT0734), the Bucharest stock exchange's composite index BET-C was up 0.9% from Thursday's closing level, while the blue-chip index BET was up 1.1%.

Both indexes were influenced by Proprietatea and Transgaz stock increases, which were joined by Banca Transilvania (TLV.RO) and Transelectrica (TEL.RO).

BET-FI, the index tracking Proprietatea fund and the five regional investment funds SIFs, was up 0.55%.

The extended blue-chip index BET-XT was gaining 0.9%, while the energy index BET-NG was up 2%, fueled by Transgaz and Transelectrica, despite a minor decrease in OMV Petrom (SNP.

The bourse's traded value was of 6.9 million lei (EUR1.7 million) at around 1037, above the average value recorded at the same time in the past sessions.

Fondul Proprietatea, the SIFs, Petrom and Banca Transilvania were the most-traded issuers at the start of Friday's session. (EUR1=RON4.0997)