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Trader's Comment
The week started poorly for the local exchange, with losses for the indices, BET-FI registering the most abrupt fall of 2.4%. At 33,463 pts, BET-FI touched a new low for the year and approached the level it reached in mid-June 2006. The volume on the SIFs was low at EUR 1.5 mn, some 17.5% of the total traded volume of EUR 8.5 mn.
BET lost 0.9%, the only shares which ended the day in green being TLV, that appreciated 1% and BIO which gained 0.7%. It is noteworthy however that TLV traded during the day at prices below the closing of Friday. IMP and BRK saw the largest falls for the day, at 4.2% and 3.7% respectively. The market stayed relatively quiet, as the sellers were not aggressive and followed the slow rhythm of the market.
It seems also that the correlation with the international markets weakened. The European markets, which stayed in red through the first part of the day, starting with 13:30 returned into positive territory and maintained their upside until the closing of our local exchange. However, the upswing was ignored by the Romanian market participants and the losses continued to deepen.
In the news
Iproeb 2Q 2008 results
Cables producer Iproeb (IPRU) released its 2Q 2008 results. The company reported a 20% yoy drop in turnover to RON 36.2 mn. Raw material costs went in the same direction, falling 18% to RON 25 mn and labor costs stayed flat to RON 5.1 mn. EBIT and net profit stood at RON 5.2 mn and RON 4.6 mn respectively, both 25% lower yoy. The company explained the slowdown in activity by lower export demand and a decrease in sales to Transelectrica. Over the first six months of 2008, sales amounted to RON 72.7 mn, down 22% yoy and net profit reached RON 10.3 mn, 28% lower yoy.
Mecanica Ceahlau calls GSM to approve sale of real estate
The agricultural equipment manufacturer Mecanica Ceahlau (MECF) called an Extraordinary General Shareholders Meeting (EGSM) for September 26. The shareholders are asked to approve the sale of a piece of land of 22,235 sqm in Piatra Neamt. We see the news as positive as the sale of the non-core asset will generate an inflow of cash that can be used to finance the companys capex plan.
| RON | EUR | 1d % | Ytd % | 52 Wk | |
| BET | 5,859.5 | 5,716.3 | -0.88 | -40.36 | -37.20 |
| BET-C | 4,300.30 | 3,282.5 | -0.62 | -35.48 | -33.36 |
| BET-FI | 33,463.4 | 20,332.7 | -2.42 | -57.46 | -55.27 |
| ROTX | 13,932.9 | 11,225.7 | 0.09 | -35.81 | -32.29 |
| BET-XT | 607.0 | 588.8 | -1.21 | -48.05 | -49.36 |
| BET-NG | 800.2 | 809.6 | -1.37 | -36.40 | -33.31 |
| RAQ-I | 3,844.2 | -0.12 | -14.52 | -24.21 | |
| RAQ-II | 6,934.8 | -0.60 | -15.44 | -8.91 | |
| Rasdaq-C | 4,067.8 | -0.57 | -12.11 | -20.18 |
Trading Volumes
| BSE | |
| Previous Day(EUR mn) | 3.95 |
| YTD Avg.(EUR mn) | 8.55 |
| Mcap (EUR bn) | 31.15 |
| Rasdaq | |
| Previous Day(EUR mn) | 4.39 |
| YTD Avg.(EUR mn) | 1.31 |
| Mcap (EUR bn) | 5.07 |
Most Traded
| EUR '000 | Price | 1d % | |
| Remarul 16 Februarie - REFE | 3,773.9 | 49.8000 | 5.96 |
| BRD - GSG - BRD | 1,018.0 | 17.9000 | -0.56 |
| SIF2 Moldova - SIF2 | 372.8 | 1.5900 | -1.85 |
| SIF5 Oltenia - SIF5 | 355.7 | 1.8200 | -3.70 |
| SIF3 Transilvania - SIF3 | 322.4 | 0.8900 | -1.11 |
| Banca Transilvania - TLV | 294.3 | 0.3120 | 0.97 |
| SIF1 Banat-Crisana - SIF1 | 256.7 | 1.5900 | -4.22 |
| SIF4 Muntenia - SIF4 | 202.0 | 1.0500 | -0.94 |
| Erste Bank - EBS | 199.0 | 153.0000 | 2.68 |
| Azomures Tg. Mures - AZO | 176.5 | 0.7800 | 0.00 |
Tops/Flops
| EUR '000 | Price | 1d % | |
| ArcelorMittal - PTRO | 3.5 | 10.2000 | 4.08 |
| Vrancart Adjud - VNC | 0.1 | 0.1200 | 2.56 |
| Compa Sibiu - CMP | 3.5 | 0.8800 | 2.33 |
| Alumil Rom industry - ALU | 2.5 | 5.6000 | 1.82 |
| Iproeb Bistrita - IPRU | 36.7 | 3.8000 | 1.33 |
| Prebet - PREB | 3.5 | 2.2300 | -5.91 |
| Oltchim Rm. Valcea - OLT | 5.3 | 0.5950 | -5.56 |
| Cemacon Zalau - CEON | 1.9 | 0.4650 | -5.10 |
| Albalact - ALBZ | 53.9 | 0.2860 | -4.67 |
| Impact Bucuresti - IMP | 56.4 | 0.1820 | -4.21 |
Central Bank Rates
| Closing | 1d % | Ytd % | |
| EUR/RON | 3.5302 | -0.51 | 1.03 |
| USD/RON | 2.3967 | -0.55 | -1.51 |
| 3M | 6M | 12M | |
| BUBID | 11.77 | 11.66 | 11.66 |
| BUBOR | 12.27 | 12.41 | 12.41 |
BVB market Watchlist (table)
Rasdaq market Watchlist (table)
Closed-end investments Funds (table)
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Copyright: 2007 Raiffeisen Capital & Investment SA. All rights reserved. For further Information please contact Raiffeisen Capital & Investment SA, 15, Charles de Gaulle Square, 4th Floor, Bucharest 011857, Romania, Authorized by CNVM decision 3083/09.09.2003 Tel. 40 21 306 12 33, fax: +40 21 230 06 84, e-mail: office.rci@rzb.ro, web site: http://www.rciro.ro
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19 Aug 2008 RCI Daily Romania.pdf, 151 Kb
