Bucharest Stocks Open Up After Greece Ditches Referendum Plan

11.04.2011 By Florentina Dragu

Bucharest shares opened higher Friday, tracking international markets which rebounded a day after Greece called off plans for a referendum on the latest rescue package and the European Central Bank surprised markets and slashed interest rates.

At around 10:50 hours, the market's composite index BET-C was up 1.49%, while the main index BET was gaining 1.12%.

BET-FI index, which tracks the SIFs and investment fund Fondul Proprietatea (FP.RO), advanced 1.4%, while the wider BET-XT increased 1.32%.

The energy index BET-NG was gaining 1.38%, supported by a 9.53% increase in chemical company Oltchim (OLT.RO). Energy company Amonil (AMO.RO) rose 4.97%, while fertilizer maker Azomures (AZO.RO) was up 3.03%.

Overall trading in Bucharest was RON2.36 million (EUR0.54 million), with RON0.46 million coming from deals with Fondul Proprietatea stock.