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Oct 30, 2007 16:58 EEST
October 30 (SeeNews) - Three out of the four indices of the Romanian stock market lost ground on Tuesday, while the BET-FI index which tracks the country’s regionally-defined investment funds (SIFs) rose in correction, brokers said.
The Bucharest Stock Exchange's (BVB) blue-chip BET index fell 1.13% to 9,914.70 points and the composite BET-C index lost 0.95% to 6,873.97 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, closed 1.28% down to 21,714.88 points.
The BET-FI was the only index to gain ground, rising 1.04% to 80,281.47 points.
“The SIFs went against the downward market trend today, mostly in correction of yesterday’s fall,” one broker told SeeNews. “There were some big transactions with Banca Transilvania, which accounted for some 20% of the total trading.”
Blue-chip Banca Transilvania was the most traded stock in regular trading on the BVB on Tuesday, going down 0.55% to 0.91 lei in the highest turnover for the day, of 13.2 million lei. SIF 1 Banat Crisana added 0.85% to 3.58 lei in the second highest turnover of 5.2 million lei. SIF 2 Moldova gained 0.84% to 3.59 lei in the day's third largest turnover of 4.1 million lei.
The other blue-chip bank, BRD, closed unchanged at 26.3 lei in 2.7 million lei turnover. Blue-chip oil and gas group Petrom dropped 2.86% to 0.51 lei in a very small turnover of 1.9 million lei.
“I don’t expect radical changes tomorrow. What’s happening is that investors have taken a sit-back-and-wait position until the Transgaz IPO expected at the end of November. If prices fall good enough until then, they may reconsider their position,” the broker said.
BVB's overall volume was 31.5 million shares, up from the 15.3 million exchanged on Monday. Stock turnover nearly doubled to 42.4 million lei ($18.2 million/12.7 million euro).
In a block deal worth 750,000 lei, 500,000 shares of car parts manufacturer Compa were traded at a price of 1.5 lei per share. In regular trading Compa stock closed unchanged at 1.55 lei in a turnover of 896,000 lei.
The BVB introduced futures contracts on its blue-chip BET index and BET-FI index last month. No future contracts traded on Friday and very few have traded so far.
Rasdaq-C, the composite index of the over-the-counter market RASDAQ, went 1.02% down to 4,975.00. Turnover on the RASDAQ market more than doubled to 25 million lei from the 11.6 million lei on Monday.
Simerom, a producer of machines for the steel processing industry, was the most traded stock on the RASDAQ on Tuesday, closing 24.37% at nine lei in turnover of 5.9 million lei.
(1 euro = 3.3463 Romanian lei)
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