The Romanian stock market therefore recovered after a very pessimistic time, caused by declines in the indices due to the Ordinance 114 introducing taxation changes, and ended a first half, which can be described as a rollercoaster for investors, if looking at the 27% gap between the BET peak on June 28 and the January 14 low.
“The surge in BET in the first half shows a return of confidence in the Romanian market among local and foreign investors, after it suffered greatly last December,” says Gabriel Aldea, head of the brokers at the brokerage firm Tradeville.
The investors that stood to gain the most were those who were undeterred by the ‘tax ordinance’ and took on a great risk when they bought stocks early in the year, amid legislative uncertainties.
“The upward trend of the market, especially in the second quarter of 2019, was very well received by investors, primarily by those who had the inspiration to buy in the last decade of December 2018,” says Marcel Murgoci, trading manager at Estinvest.
The market value of the companies listed on the Bucharest Stock Exchange rose by about 20 billion lei (EUR4.2 billion) to some 164 billion lei in six months, while the average daily traded volume stood at some RON44 million, lower than in 2018 and 2017.(EUR1=RON4.7351)
(English version by Loredana Fratila-Cristescu)