The plant’s shares opened down 13.5%, mirroring the trend from the past days but after the first hour of trading it gained almost 15% and remained at this pace until the closing.
Oltchim shares lost almost 40% in the last three trading session on the announcement regarding its sale. Romania’s Government Friday said it has modified the privatization chart for Oltchim and announced that will start the proceedings with a sealed-bid auction instead of a round of negotiations. The auction, scheduled for September 14, is open to all interested investors.
On Thursday, a number of 306 transactions with Oltchim shares were made, from only 79 transactions in the previous three sessions. Transactions totaled 352,000 lei (EUR78,000), compared with RON126,000 in the past three sessions.
A trader at Piraeus Bank said “we will have a much clearer picture on its trend after a few more days of trading.”
The Bucharest bourse’s composite index BET-C gained 0.43% on the day, and blue chip index BET increased 1.24%.
The BET-FI index, which tracks the five regional investment funds (SIFs) and Fondul Proprietatea, gained 1.34%, fueled by SIF Transilvania (SIF3.RO), which ended up 3.76%, and SIF Banat Crisana (SIF1.RO), which gained 3.64%. Proprietatea closed flat on the day, at RON0.528 per share.
The extended blue-chip index BET-XT was up 1.39%, while the Bucharest bourse’s benchmark index BET-BK gained 1.54%.
Energy stocks tracker BET-NG inched up 0.1%.
The bourse’s overall traded value stood at RON29.17 million (EUR6.49 million), more than double from Tuesday’s RON12.4 million. Share trades amounted to RON27.92 million (EUR6.21 million).
Brokers expect the market becomes more dynamic from the second half of September. Nevertheless, shares of SIF Transilvania and SIF Banat-Crisana boosted on Thursday session, after publishing the first-half results.
Fondul Proprietatea was top-traded issuer on the main market with trades worth RON8.53 million. Erste Bank (EBS.RO) followed with share transactions of RON4.29 million, while SIF Transilvania posted transactions of RON3.73 million and SIF Banat Crisana of RON1.25 million. (EUR1=RON4.4924)