Major stocks such as those of Banca Transilvania (TLV.RO) or the Bucharest Stock Exchange (BVB.RO) on Monday hit the variation cap allowed for a trading session amid the high sale pressure.
Brokers believe the declines were generated both by the anxiety of domestic investors, which rushed to leave the market on the negative external news and by one of several investment funds that did not find a counterparty on the market and drove share prices well down to find buyers.
Not all investors panicked, though, with the savvier believing the small prices can be attractive even amid the unfavorable context. Regional investment funds (SIFs) and Fondul Proprietatea (FP.RO) took advantage of the steep corrections posted at the end of last week to boost holdings in companies that are part of their portfolio.
Investors that bet from Bucharest on the advance of oil prices or on that of the German stock exchange, by buying structured products on the Bourse, coped with losses of as much as 46% on the day before the US rating downgrade.
(English version by Catalina Apostoiu)