Oltchim shares equally lost 15% in the previous 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.
The bourse had opened in the red but after midday, the market gained ground, mainly supported by shares of Fondul Proprietatea (FP.RO) and of lender BRD (BRD.RO), which both grew around 2%.
The Bucharest bourse’s composite index BET-C gained 0.84% on the day, and blue chip index BET increased 1.29%.
The BET-FI index, which tracks the five regional investment funds (SIFs) and Fondul Proprietatea, gained 1.89%, fueled by Proprietatea, which ended up 2.04%, to 0.525 lei (EUR0.11) a share, and SIF Transilvania (SIF3.RO), which gained 2.25%.
The extended blue-chip index BET-XT was up 1.35%.
The Bucharest bourse’s benchmark index BET-BK gained 0.84%, with Oltchim (OLT.RO) closing down 14.94%, to RON0.719 a share.
Energy stocks tracker BET-NG closed flat on the day, with the highest growth seen by Transelectrica (TEL.RO), of 1.1%, while Rompetrol Rafinare (RRC.RO) closed down 2.56%.
The bourse’s overall traded value stood at RON18 million (EUR3.97 million), slightly higher from Friday’s RON14.89 million. Share trades amounted to RON17.06 million (EUR3.76 million).
Brokers said the low traded values are partly due to foreign investors’ cautiousness towards the stakes in local companies, which overlaps the local political turmoil and European Union’s sovereign debts crisis.
Fondul Proprietatea was top-traded issuer on the main market with share trades worth RON8.3 million. SIF Transilvania followed with share transactions of RON3.38 million, while Erste Bank (EBS.RO) posted transactions of RON1.46 million. (EUR1=RON4.5307)