Financials end session 3% higher on country rating revision hopes

The indices at the Bucharest Stock Exchange closed 2% higher today, while financial investment companies jumped 3%, as investors expect rating agency to lift Romania’s rating once the Government passes budget plan and IMF disburses due tranches.

In the Wednesday’s trading session, the liquidity at the Bucharest Stock Exchange increased by 6% to 18.89 million lei (€4.58 million) compared to yesterday’s 17.88 million lei. B1303A bond pack exchanged hand today in a 5.78 mln lei transaction.

“I believe there are two reasons that lifted stocks today. The first would be that S&P is likely to revise Romania’s rating outlook upward, if the budget plan gets Government’s OK and IMF unlocks the loan tranches. Second, the fact that many investors reaped profits last year in a bid to dodge this year’s profit tax, and now, they’re back on the buying side”, Gabriel Neculea, broker at Prime Transaction told NewsIn.

BET index that gauges the performance of the ten most actively traded stocks at BSE closed 2.02% higher today up to 5,222.41 points, while composite BET-C gained 2.19% to 3,041.44 points.

BET-FI index of the five financial investment companies (BSE:SIF) jumped 3.12% to 26,520.45 points, while Vienna’s ROTX closed 2.04% higher to 10,769.03 points.

“It remains to be seen whether BET-FI will come in significantly above the upper band of 26,500 points, and if its passes this threshold, we may see a new support and a growing appetite for speculative trading,” the broker added.

BET-XT index of the 25 most traded stocks soared 2.37% to 516.01 points, and BET-NG of the ten energy stocks at BSE finished 2.06% higher to 659.66 points.

European stocks were posting modest gains at BSE’s closing, buoyed by pharma sector that offset the decline in banking stocks ahead of Societe Generale Q4 earning report.

At the London Stock Exchange, FTSE index of the leading 100 companies was shedding 0.21% to 5,487.39 points, while Germany’s DAX was growing 0.45% to 5,969.48 points. France’s CAC40 was inching up 0.09% to 4,003.72 points.

FIC Oltenia (BSE:SIF5) have been the most traded stocks today, with 3.6 million lei transactions, and grew 3.6% to 1.44 lei. FIC Moldova (BSE: SIF2) came in at second with 2.67 million lei liquidity, after shares rose 3.31% to 1.25 lei.

In the banking sector BRD SocGen (BSE:BRD) gained 3.5% to 14.80 lei, while Banca Transilvania (BSE:TLV) increased by 0.86% to 2.34%.

Transactions with Petrom shares (BSE:SNP) totaled 1.85 million lei, as shares rose 2.11% to 0.29lei. Banca Carpatica (BSE:BCC) climbed 4.67% to 0.112lei in a liquidity of 476,200 lei.

Turbomecanica stocks (BSE:TBM) skyrocketed 14.42% to 0.119 lei.

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