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Oct 23, 2007 17:27 EEST
October 23 (SeeNews) - The Romanian stock market rose on Tuesday after suffering losses in the previous three sessions, mostly bolstered by key blue chips, brokers said.
The ROTX index of Romania's nine most liquid stocks, a joint index of the Bucharest Stock Exchange (BVB) and the Vienna Stock Exchange, was the biggest gainer among BVB's four indices , surging 5.2% to 22,526.30.
The Bucharest Stock Exchange's (BVB) blue-chip BET index jumped 4.72% to 10,246.16 points and the BET-FI index, which tracks the country’s regionally-defined investment funds (SIFs), rose 2.02% to 81,404.25 points. The composite BET-C index gained 3.17% to 7,064.59.
“I don’t have a clear explanation for today's rises, especially for the appreciation of the shares of Banca Transilvania, BRD, Petrom, TRanselectrica. There was no logic, maybe somebody has been trying to speculate on the ROTX index,” one broker told SeeNews.
“The market had no depth today and depth means big orders at every price level, and today there were very small selling orders," said the broker, adding a correction could be expected on Wednesday.
Blue-chip bank BRD was the most traded stock, jumping 5.51% to 26.8 lei in the highest turnover for the day, 11.9 million lei. Blue-chip Banca Transilvania gained 3.93% to 0.925 lei in the second highest turnover of 10.1 million lei.
Blue-chip oil and gas group Petrom soared 8.91% to 0.55 lei in the day's third largest turnover of 7.8 million lei, while blue-chip oil refinery Rompetrol Rafinare closed 6.09% higher at 0.122 lei in a turnover of 2.2 million lei. Power grid operator Transelectrica, also a blue chip, advanced by 5.19% to 40.5 lei in 2.1 million lei turnover.
SIF 2 Moldova was the biggest gainer among the SIFs, adding 4.29% to 3.65 lei in' 2.8 million lei turnover.
The BVB's overall volume was 53.5 million shares, up from the 20.7 million exchanged on Monday. Stock turnover was 51.7 million lei ($21.8 million/15.3 million euro), nearly double from 23.7 million on Monday.
The BVB introduced futures contracts on its blue-chip BET index and BET-FI index last month. Ten end-December BET futures contracts traded on Tuesday in a combined turnover of 102,200 lei. They ended down 3.23% at 10,220.00. One end-December BET-FI futures contract traded in a 4,250 lei turnover, ending down 2.3% at 85,000.00.
Rasdaq-C, the composite index of the over-the-counter market RASDAQ, rose 0.41% to 5,122.57. Turnover on the RASDAQ market tripled to 23.3 million lei.
Romanian construction firm Concefa was the most traded stock on the RASDAQ, closing 5.0% higher at 4.2 lei in turnover of 13.4 million lei.
(1 euro = 3.3756 Romanian lei)
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