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Romanian Shrs Hit 18-Mo Low, Financials Worst Hit

Romanian shares hit an 18-month low Thursday, amid average traded values, with Romanian lenders taking the worst hit, as low investor confidence triggered a massive sell-off in shares across the board, brokers said.
Romanian Shrs Hit 18-Mo Low, Financials Worst Hit
20 mart. 2008, 15:10, English

The bourse’s composite index BET-C tumbled 6.72% on the day to 4,784.55 and hit its lowest level since Sept. 29, 2006, when it stood at 4,763.26 points.

The bourse’s total traded value rose to 69 million lei (EUR1=RON3.7232) from RON48.58 million Wednesday.

The Bucharest bourse’s BET also plummeted 7.29% on the day to 6,762.74, while the BET-FI index, which tracks the country’s five regional investment funds, or SIFs, shed 4.10% on the day to 52,375.41.

“Wednesday, the psychological 55,000-point threshold of the BET-FI index was breached, so investors lost any hope stocks would rebound and started a massive selloff,” a broker said.

The top traded issuer on the bourse Thursday was investment fund SIF Oltenia (SIF5.RO), whose shares ended 3.37% lower on the day to RON2.87, at a total traded value of RON10.4 million.

The shares of Romanian lender Banca Transilvania (TLV.RO), the largest private bank not to be controlled by a former lender, lost 5.96% on the day at RON0.71 at a total traded value of RON9.15 million.

Romania’s second largest bank by assets BRD-Groupe Societe Generale (BRD.RO) was among the bourse’s top traded issuers Thursday. Its shares plunged 9.5% on the day at RON18.1, at a total traded value of RON6.04 million.

Another top traded issuer, Romania’s largest oil company Petrom (SNP.RO) saw its shares nosedive 9.09% on the day to RON0.4.