Bucharest Stock Exchange reported trade rises as US bailout hopes were revived, together with sharp growths of European indices. Financial investment companies sector, gauged by BET-FI indice managed a major climb compared to the rest of the indices on possible FIC% shares buy-back announcement.

“Bucharest Stock Exchange had the same evolution as international stock markets, except FICs that climbed on shares buy-back hopes for FIC5,” Cristian Negoita, Asset Manager at Confident Invest stated for Wall-Street.
Liquidity of the regulated market of Bucharest Stock Exchange dropped slightly, down to 21.03 million lei, from previous 22.76 million lei flow.

BET indice that assesses the evolution of ten most liquid companies at BSE rose 0.59%, and composite BET-C climbed 0.43. BET-FI indice of five financial investment companies gained 3.89% in the context of major trade rises of FIC5 – Oltenia, of 6.62%.

Performance of the 25 most liquid companies listed at BSE gauged by BET-XT indice rose 1.66% while BET-NG of ten companies in energy field increased by 0.46%.

At the end of the trading session at BSE, indices of the biggest European stock markets registered mild growths. Thus, London trading indice FTSE rose 0.83%, up to 5,000 points, German DAX gained 0.25% up to 5,820 points, while French CAC40 went up 0.45% up to 4,072 points.

Possible FIC5 share redemption lifted financial sector

FIC5-Oltenia board proposes to its shareholders redemption of 10% of own stocks, in purpose of stabilizing trade quotations, at one-year price between 1.36 lei and 2.50 lei. Therefore, FIC5 drew the market’s biggest liquidity of 4.46 million, the price climbing 6.62% up to 1.45lei/unit.

FIC1 - Banat-Crisana shares went up by 1,57%, to 1,29 lei, on 1.46 million trades, while FIC2-Moldova slid 3.20% down to 1.29 lei, on 2.45 million worth trade.

FIC4 - Muntenia trades totaled 1,2 milioane lei, and shares climbed 4.02%, up to 0.905 lei, and transactions with FIC3- Transilvania amounted to1.93 milioane lei, while stocks dropped 3.62%, down to 0.715 lei.

BRD SocGen (BRD) shares drew 1.43 milioane lei liquidity and rose 1.79% up to 11.40 lei, while Erste Bank (EBS) units lost 0.15%, down to la 131.20 lei, on a merely 741.900 lei liquidity.

“I see no trend shift on short term for BSE, even if situation on international markets improves, because national macroeconomic status is worsening, down to a possible downgrade of country rating which will surely affect Romanian trading,” Negoita pointed out.

Leu falls down to six-months low

National currency closed the Thursday session on the red, falling to 3.82lei/euro, in same trends with national currencies in the region, on lowa market with low trading volumes on investors’ fears towards emerging markets.

"National currency fell on a low-volumes market, in lack of large sellers, correlated with evolution on emerging markets," dealer of Banca Comerciala Romane (BCR) Narcis Noaghea, stated for NewsIn.

Historic rescue plan for American banks

American senators, including candidates for White House, Barack Obama and John McCain passed on Wednesday a historic plan to back-up Wall Street, which cost the state 700 billion dollars, whereas Treasury says it is the only way to stabilize the financial rout.

Senate passed with 74 votes against 25 the plan called “Emergency Economic Stabilization Act of 2008” would give five weeks before election campaigns broad powers to secretary of Treasury, Henry Paulson, in rescuing banking sector.

The vote opens path to approval of the draft’s content, as of Friday in House of Representative, which initially rejected on Monday the bailout plan by a margin of 228 to 205 which led to a sharp slump of Dow Jones and world’s stock markets meltdown.

Republicans were those who refused to shore up something they considered as a major intervention of the state on taxpayers’ expense.

The bailout plan’s objective is to confer to the state the means and authority to take over distressed assets of financial institutions that reel from subprime deadlock. Over 12 banks collapsed in United States.

Translated and adapted by Camelia Oancea.

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