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Dec 07, 2007 16:58 EEST
December 7 (SeeNews) - The indices of the Bucharest Stock Exchange (BVB) gained further ground on Friday, except for the BET-FI index, tracking Romania’s five regional investment funds, the SIFs, which dropped in a correction, brokers said.
The BVB’s blue-chip BET index gained 0.52% to 9,447.73 points. The composite BET-C index added 0.14% to 6,519.15 and the ROTX index of Romania's 11 most liquid stocks, a joint index of the BVB and the Vienna Stock Exchange, rose by 0.57% to 20,847.71 points. The BET-FI, which only tracks the SIFs, was the only loser, sheding 0.68% to 78,631.35 points.
BVB’s turnover rose to 128.2 million lei ($53.4 million/36.5 million euro) from 55 million on Thursday, boosted by one deal in a total of 800,000 bonds issued by the European Investment Bank (EIB) worth 83.3 million lei. BVB's overall traded share volume increased to 41.7 million on Friday from 36.4 million the previous day.
The seven-year leu-denominated EIB bond issue, worth 300 million lei, started trading on the BVB in June this year.
"I think we are witnessing price stabilisation following the strong gains of the past few days. The market recovered from the losses registered in November to a big extent. Today the market seemed calmer with mixed price fluctuations," one broker told SeeNews.
SIF 2 Moldova was the most heavily traded stock in regular trading, closing down 1.45% at 3.41 lei in turnover of 8.2 million lei. SIF 5 Oltenia lost 0.93% to 4.28 lei in the second highest turnover of 7.7 million lei. SIF 4 Muntenia fell by 0.42% at 2.39 lei in the third largest turnover of 6.4 million lei.
Real estate firm Impact Contractor & Developer was the most traded blue-chip stock, adding 2.13% to 0.479 lei in four million lei turnover. Blue-chip BRD bank added 1.58% to close at 25.7 lei in three million lei turnover, while blue-chip Romanian bank, Banca Transilvania, closed 0.58% lower at 0.86 lei in 1.4 million lei of turnover. Blue-chip oil refinery Rompetrol Rafinare ended unchanged at 0.109 lei in turnover of 1.8 million lei.
“I expect the stock market to close the year on the rise as most of the oversubscription money from Transgaz IPO will return on the market for sure, but still I don’t expect spectacular rises by year’s end,” the broker said.
On November 26 Romania's state-owned gas transmission company Transgaz launched an IPO of 10% of its shares, which closed on Friday. The broker said the small tranche has already been 6.8 times oversubscribed, while the big one has been oversubscribed 24 times. Around 60% of the shares in the IPO are offered to investors that place orders bigger than 500,000 lei, while 40% are offered to investors placing orders of less than 500,000 lei each.
“The oversubscription for the big tranche is beyond the market expectations of 10 to 15 times oversubscription. That means that there are big and significant investors that are interested in the Romanian market,” the broker added.
Rasdaq-C, the composite index of the over-the-counter market RASDAQ, ended 0.33% up to 4,625.89 points. Turnover on the RASDAQ market was unchanged at 9.9 million lei on Friday.
(1 euro = 3.5124 Romanian lei)
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