Bucharest Stocks Close on Rising Trend, Fondul Proprietatea Loses 3%

05.13.2013 By Bogdan Neagu

The Bucharest stock market ended Monday on a positive note, after staying in red in the first half of the session, but Fondul Proprietatea (FP.RO) and two other investment funds posted significant declines in the ex-dividend date.

Bucharest’s BET index closed up 1.1% from Friday’s closing value, while composite index BET-C was up 0.7%, with OMV Petrom (SNP.RO) leading the way.

Petrom shares rose almost 5%, while BRD-Groupe Societe Generale (BRD.RO) gained 1.1% and Banca Transilvania (TLV.RO) went up 2%.

On the other hand, the investment funds had an off-day, with BET-FI index falling 0.5%. Fondul Proprietatea ended down 2.9%, SIF Oltenia (SIF5.RO) dropped 1.2% and SIF Muntenia fell a whopping 5.4%, as all three went ex-dividend Monday.

BET-FI decline was moderate, however, as SIF Banat-Crisana (SIF1.RO) rose 5.4% and SIF Moldova (SIF2.RO) increased 4.7%.

Bucharest benchmark index BET-BK closed up 0.7%, and BET-XT was 1% higher.

Petrom’s significant advance contributed to the 2% increase of energy stocks tracker BET-NG. Transgaz (TGN.RO) was up 1.3%, while Transelectrica (TEL.RO) rose 0.8%.

The bourse’s traded value rose 50% compared with Friday to 51 million lei (EUR11.8 million) with around half of the sum coming from trades with Fondul Proprietatea stock. (EUR1=RON4.3207)