Bucharest Stocks Slightly Moved In First Day Of Romgaz IPO

10.22.2013 By Bogdan Neagu

The Bucharest stock exchange was little moved in early trade Tuesday, as investors turned their attention towards the initial public offering of state-run natural gas producer Romgaz.

Romgaz plans to sell 15% of its stock in the IPO, which is expected to raise between 1.38 billion lei (EUR312 million) and RON1.85 billion.

The Bucharest-listed shares were slightly down after 30 minutes of Tuesday session, but the traded values were low. The value of share transfers barely reached RON0.4 million (EUR0.09 million), as investors kept their funds for Romgaz offering to benefit from discounts in the first days of the IPO.

At 10:30 local time (GMT0730), the BET index was down 0.18% from Monday closing level, while composite index was losing 0.25%.

BET-FI, which tracks Fondul Proprietatea (FP.RO) and the five regional investment funds (SIFs), was down 0.47%, while BET-XT, the extended blue-chip index, was down 0.27%.

Bucharest benchmark index BET-BK inched down 0.09%, while energy stocks tracker BET-NG traded down 0.08%.