BET index lost 7.8% on a market whereof FIC and energy sectors had the worst decline, and trading has been suspended in the early moments, after a massive fall.
“In the first part, before the shut down, the external markets fell at an alarming pace. Meanwhile, when trading session at BSE was suspended, the foreign stock markets recovered, and this is why the slumps tempered down at BSE. Unfortunately, the pressure on sale is still dominating, and the recoveries don’t have the required strength to steady”, said Adrian Barbulescu, analyst at Prime Transaction.
BET-C dropped 8.28% down to 1,949.42 units. BET-FI indice slumped 9.81% while ROTX slid 6.66% down to 6,067.73 points. BET-XT lost 9.97% down to 243.66 points, and BET-NG went 10.95% down to 303.03% points.
“Yesterday’s evolution at BSE was linked to events on international markets. The players are still watching closely the evolutions of international stock markets and this means similar paths but with broader variations caused by liquidity shortages. This resulted in 10% declines almost during the entire day at primary issuers and transactions worth less than 5 million euros on the primary market, much below last year’s figures,” stated Florin Irmin, broker at intercapital Invest.
Collapse of BET indice led to a new halt in trading
Bucharest Stock Exchange decided to shut down trading for a half an hour in early moments of the session due to the slump down to the bottom variation limit of BET indice.
“We suspended the stock exchange due to same reasons as Friday, as BET index reached to a 13% decline, excluding Banca Transilvania shares”, stated Stere Farmache, chairman and managing director of Bucharest Stock Exchange.
“The yesterday’s decision is no longer taking anybody by surprise. It is a procedure applied in terms with market operator’s regulations. It is possible that this measure to have had its contribution to markets’ calm down, but the main reason of the evolution from the second part of the day, I think it was the come back of international markets”, Irmin added.
Moreover, European stock markets were strongly tempering down declines at the closing hour of Bucharest Stock Exchange, following the recovery trend of US futures market.
London Stock Exchange’s share index FTSE was decreasing by 1.10% down to 3,840 points, German DAX was sliding 0.66% down to 4,267points, while Paris stock market’s indice CAC40 was dropping 2.30% down to3, 120 units.
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