Presidential elections push FIC stocks 5.6% lower

FIC stocks (BSE: SIF) at the Bucharest Stock Exchange finished 5.59% lower today, while the market fell 3.5% in a massive sell-off, amid political tensions. The overall market liquidity was boosted by the TLV transactions.

“The faint hopes of a new government that could bring the much needed stability to Romania have triggered to stock market decline today”, said Gabriel Necula, broker at Prime Transaction.

“The mounting political uncertainties regarding the formation of a new government are only putting the stock market on a slippery slope. It depends on how fast a government to restart the aid program with IMF is formed”, the broker added.

The liquidity of the stock market climbed to 140.63 million lei (€33.37 million), as 4.01% of the Banca Transilvania (TLV) has been sold in five special deals of 102 million lei.

The 42.5 million TLV shares changed hands at 2.40lei/share, 8.11% above the benchmark quote registered at the regular market. Futures transactions totaled 1.46 million lei while state securities totaled 1 million lei.

BET index that gauges the performance of the ten most liquid stocks at the BSE ended 4.52% lower, to 4,642.67 points, while the composite BET-C dropped 3.50% to 2,718.65 points.

BET-FI index of the five financial investment companies (BSE:SIF) finished down 5.59% to 24,186.41 points, while Vienna Stock Exchange’s ROTX fell 3.45% to 9,791.65.

BET-XT index that measures the performance of the 25 most liquid shares moved 4.38% lower to 463.84, and BET-NG of the energy companies listed at BSE closed down 4.81% to 573.68 points.

European stock markets drifted sideways today, with no clear direction at the BSE’s closing hour. FTSE index of leading 100 shares fell 0.41% to 5,300.75 points while Germany’s DAX edged down 0.47% to 5,790.44. Paris’ CAC40 was growing 1.10% to 3,841.05 points.

Excepting the transactions with TLV shares, FIC Oltenia (BSE:SIF5) has led the most traded stock chart today, with shares worth 10.6 million lei changing hands, pushing prices down 5.84% to 1.29 lei, followed by FIC Moldova (BSE:FIC2) with a 5.65% decline to 1.17 lei in a liquidity of 9.62 million lei.

In financial sector Banca Transilvania shares moved 3.15% to 2.15lei, after shares worth 4 million lei changed hands, while BRD SocGen shares fell 5% to 13.30 lei, in a liquidity of 1.15 million lei. Erste Bank (EBS) showed a modest decline of 0.08% to 120 lei per share.

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