Bucharest Stocks Close 2013 On Upward Note

12.30.2013 By Bogdan Neagu

The Bucharest-listed shares closed slightly up Monday, in the last trading day of 2013, a year in which the Bucharest market grew more than 20%.

The BET index gained 15.85 points, or 0.24% today, to 6,493.79, which is up 26.1% compared with the end of 2012.

Composite index BET-C added 0.19% in Monday session, to 3,344.38 points, 20% higher than at the beginning of the year.

In its turn, investment fund tracker BET-FI benefitted from a more than 50% rise in Fondul Proprietatea (FP.RO) stock this year. BET-FI closed at 31,291.82 points, up 0.39% on the day and 23.32 higher than in the last trading day of 2012.

Proprietatea shares rose 51.7% during 2013, fueled by increased interest from foreign investors and buyback programs launched by the fund manager.

The local stock exchange gains followed the evolution of the main international markets, which reached record highs during 2013, as investors are hoping the global economy is reviving.

In 2013, the aggregated capitalization of Bucharest-listed companies increased 37% to 133.82 billion lei (EUR30 billion), supported both by the share price increases and the listing of two new issuers, state-run energy companies Nuclearelectrica (SNN.RO) and Romgaz (SNG.RO).

Despite the significant rises in 2013, BET and BET-C--the main indexes of the Bucharest market--are still down 40% and 55%, respectively, from their all-time highs reached in 2007, before the start of the global financial crisis. (EUR1=RON4.4639)