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Romania’s Stock Exch Cannot Fix The Indices Colors – Bourse Pres

Bucharest Stock Exchange, or BVB, cannot set the stocks trend, nor the price limits, and investors should cut their emotions and not panic, BVB general manager Stere Farmache said on Thursday.
Romania's Stock Exch Cannot Fix The Indices Colors - Bourse Pres
09 oct. 2008, 15:20, English

“Thursday’s meeting had a different start compared with Wednesday’s; showing that yesterday’s (Wednesday – e.n.) suspending decision was rational. I still do not think BVB can influence indices colors (green for increase, red for decrease – e.n.),” Farmache said.

He mentioned that only the variations of the BET index, which tracks the ten most liquid stocks on BVB, can indicate a new suspension of trading, and that Thursday’s fall of the five investment funds, or SIFs, represents a short term reaction.

Between 1000 and 1030 GMT, SIF’s fell 11.88%, which also caused a decrease of the composite market’s index, or BET-C, 2.03%, while BET was 3.45% lower.

The Bucharest Stock Exchange board suspended Wednesday the trading, at 0808 GMT, after the market took a steep dive, with its main indices recording losses larger than 10%, while the five regional investment funds plunged 14.64%.