Financial investment companies slump 3.5% in broad sell-off

Financial investment companies suffered sharp falls in Tuesday trade, of 3.5% after the equity market was gripped by a massive sell-off that boosted total trade value.

The massive sell-off has also led to a considerable increase in total trade value, to 50.32 million lei (€12.26 million), from 18.68 million lei (€4.55 million) on Friday.

“There were no major events today that could push stock prices so far down, do I think that the broad decline was rather driven by sell-off after last week’s gains” , Darie Moldovan, trade director at Broker Cluj, told NewsIn.

BET index that gauges the performance of the ten most actively traded stocks at BSE gave up 1.57% and closed at 6,003.67 points, while composite BET-C shed 1.29% to 3,576.07 points.

BET-FI index of the five financial investment companies suffered the steepest fall of 3.52% to 32,879.88 points, while Vienna’s ROTX closed down 0.80% to 12,087.11 points.

BET-XT index of the 25 most traded stocks closed down 1.99% to 602.72 points, while BET-NG gauge of ten energy stocks dropped 1.54% to 813.58 points.

“I still believe that there are no reasons to be pessimistic about the future performance of the stock market, since no major events are in sight. Moreover, the equity holding cap at FICs will be on the parliament’s agenda this month, which may set the stage for a new bull market”, Moldova pointed out.

FIC Oltenia (BSE:SIF5) have been the most traded stocks today, with 15.88 million lei total trade value, while stock prices fell 2.56% to 1.90 lei. FIC Moldova (BSE:SIF2) finished down 3.18% to 1.52 lei, while trading liquidity stood at 4.82 million lei.

In the banking sector, Banca Transilvania (BSE:TLV) closed flat at 2.30 lei, while Erste Bank (BSE:EBS) jumped 1.64% to 130.30 lei.

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