Indices at the Bucharest Stock Exchange plummeted on the Constitutional Court ruling on the constitutionality of the austerity package. The court rejected two of the key parts of the package, namely the 15% cut in pensions and on the recalculation of judges’ retirement benefits.
BET-FI slumped 6% while BET index of the most actively traded stocks dropped 3.67%. Composite BET-C declined 3.16%.
“The decision of the Constitutional Court had a negative impact on stocks. It has effects over the entire economy and puts the crucial International Monetary Fund assistance at risk. It also casts doubts on a short-to-medium term over what needs to be done next”, Gabriel Lade, broker at Intercapital Invest told Wall-Street.
The news will determine the trendline stocks will follow in the next days. The performance of global markets might be an important factor as well that could offset the negative effects of the news coming from the local market, the broker pointed out.
BET-XT index of the 25 most liquid stocks as trading 4.23% lower at 12:15, while BET-NG benchmark of ten energy stocks was shedding 2.47%.
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