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Dec 13, 2007 16:48 EEST
December 13 (SeeNews) - The Bucharest Stock Exchange's (BVB) share indices corrected downwards on Thursday amid higher turnover and trading dominated by the five investment funds, the SIFs, brokers said.
The BVB’s blue-chip BET index lost 0.85% to 9,294.51 points. The composite BET-C index fell 1.21% to 6,370.63 points and the ROTX index of Romania's 11 most liquid stocks, a joint index of the BVB and the Vienna Stock Exchange, shed 0.86% to 20,561.99 points. The BET-FI, which only tracks the SIF investment funds dropped by 1.5% to 79,198.84 points.
"It was a correction both yesterday and today, following the rises of some 25% in the past couple of weeks," one broker told SeeNews.
“It’s hypothetical, but I think that tomorrow there will be a downward correction of a further two percent. Then there will be more buyers at the lower prices,” the broker added.
BVB’s turnover rose to 54.8 million lei ($23 million/15 million euro), from 43.6 million on Wednesday. BVB's overall traded share volume, however, fell to 29 million from 32.3 million a day earlier. The five SIFs accounted for nearly 80% of the total turnover.
SIF 2 Moldova closed down 0.57% at 3.47 lei in turnover of 10.4 million lei, making it the most heavily traded stock in regular trading. SIF 4 Muntenia ended 0.81% lower at 2.44 lei in the second highest turnover of 9.1 million lei. SIF 5 Oltenia dropped 1.38% to 4.3 lei in the third largest turnover of 8.9 million lei.
SIF 3 Transilvania was the biggest loser among its peers, falling 2.46% to 2.38 lei in 7.8 million lei turnover.
Banca Transilvania was the most traded blue-chip and shed 0.57% to 0.87 lei in 2.9 million lei of turnover. The other blue-chip bank BRD lost 1.17% to 25.3 lei in turnover of 2.8 million lei.
The oil sector also lost ground on Thursday. Blue-chip oil and gas group Petrom shed 1.01% to 0.492 lei in 560,000 lei turnover, while oil refinery Rompetrol Rafinare closed 0.93% lower at 0.106 lei in turnover of 792,000 lei.
The IPO of 10% of Transgaz, which closed on December 7, was 28 times oversubscribed, with the total value of placed orders exceeding 6.3 billion lei. Around 60% of the shares in the IPO were offered to investors who placed orders bigger than 500,000 lei, while 40% were offered to investors placing orders of less than 500,000 lei each.
The broker said she expected part of the oversubscription money from the IPO to re-enter the market next week and raise stock prices.
Rasdaq-C, the composite index of the over-the-counter market RASDAQ, fell 0.82% at 4,557.68 points. Turnover on the RASDAQ market increased to 16.4 million lei from 11.3 million lei on Wednesday.
Romanian engineering company Prospectiuni was the most traded stock on the RASDAQ on Thursday, closing 0.74% lower at 40.3 lei in turnover of 5.2 million lei.
(1 euro = 3.5247 Romanian lei)
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