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Nov 12, 2007 18:02 EEST
November 12 (SeeNews) - Romanian stock indices fell by more than two percent each on Monday as nine-month results disappointed, led by those of blue-chip power grid operator Transelectrica, brokers said.
The Bucharest Stock Exchange's (BVB) blue-chip BET index dropped 2.75% to 9,064.73 points. The composite BET-C index lost 2.25% to 6,349.89 points and the BET-FI, which tracks the country's regionally-defined investment funds, the SIFs, slumped 2.99% at 71,092.15 points. The ROTX index of Romania's nine most liquid stocks, a joint index of the Bucharest Stock Exchange (BVB) and the Vienna Stock Exchange, fell 2.13% to 20,060.73 points.
Stock turnover on the BVB fell to 45.6 million lei ($19.5 million/13.3 million euro) from 67.5 million lei on Friday. The BVB's overall volume fell to 33.2 million shares from 288.1 million on Friday, when 252 million Rompetrol Rafinare shares exchanged hands in a deal worth 23 million lei.
“The prices we’ve had today were more or less justified. The falls on Transelectrica were nearly 10% following the reporting of its nine-month results, which were really below expectations,” one broker told SeeNews.
Blue-chip power grid operator Transelectrica dipped 9.21% to 33.5 lei in 1.5 million lei turnover. Transelectrica on Friday said its net profit, reported under Romanian Accounting Standards, for the nine months through September fell by 80% on the year to 32.6 million lei.
Last week drug maker Zentiva, chocolate maker Kandia-Excelent and paint maker Policolor all reported lower year-on-year net profit figures.
Blue-chip bank BRD was the most heavily traded stock in regular trading on the BVB on Monday, losing 4.47% to 23.5 lei in turnover of seven million lei. The other blue-chip bank, Banca Transilvania, dropped 0.6% to 0.83 lei in 682,622 million lei of turnover.
“Both BRD and Banca Tansilvania reached price levels that we never thought they would,” the broker said. BRD reported a 43% rise of its nine-month net profit to 682 million lei.The bank's results were released after the end of trading on the BVB.
SIF 5 Oltenia dropped 1.99% to 3.94 lei in the second highest turnover of the day of 6.9 million lei. SIF2 Moldova lost 3.34% to 3.18 lei in the day's third largest turnover of 5.9 million lei.
“As for the SIFs, their falls were moderate at the beginning but got sharper. BET-FI is now below 72 thousand points and we consider that there are good opportunities for buying […] But I think the downward trend still has potential. We think it will not fall below 70 thousand points,” the broker said.
Rasdaq-C, the composite index of the over-the-counter market RASDAQ, went down 1.94% to 4,530.51. Turnover on the RASDAQ market rose to 26.4 million lei from the 13.1 million lei on Friday. Monday’s turnover was boosted by an 18 million lei deal, in which some 800,000 shares of construction company Comnord changed hands at a price of 22.5 lei per share. In regular trading Comnord shares lost 0.3% to 24.4 lei.
Local real estate firm Imotrust was the most traded stock on the RASDAQ on Monday, closing 7.65% lower at 3.02 lei in turnover of 1.2 million lei.
(1 euro = 3.4276 Romanian lei)
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