INS said Tuesday the GDP expanded 0.5% in the second quarter, after a decline of 0.2% in the previous three months. On the other hand, the IMF has revised down its forecast on the Romanian economy to 0.9% in 2012 from 1.5% previously, head of the fund’s mission, Erik der Vrijer, said Tuesday.
In the light of these data, brokers say the investors envisage an economic slowdown as well as an uncertain business environment.
“It is not clear what strategy would implement the government over the next period, or at least until autumn elections. The problems in the eurozone may impact the Romanian economy more than many people might expect, including the government. Moreover, due to the political uncertainty, the local market was removed from the investment plans by many of the foreign investors previously active in Romania,” a broker said.
The Bucharest bourse’s composite index BET-C lost 0.13% on the day, while blue chip index BET was up a mere 0.02%.
The BET-FI index, which tracks the five regional investment funds (SIFs) and Fondul Proprietatea, gained 1.03%, fueled by SIF Banat Crisana (SIF1.RO), which ended up 2%, and SIF Oltenia (SIF5.RO), which gained 1.55%.
The extended blue-chip index BET-XT was up 0.33%. The Bucharest bourse’s benchmark index BET-BK lost 0.09%, with Oltchim (OLT.RO) closing down around 15%, for the third straight day.
Energy stocks tracker BET-NG closed down 0.26% on the day, with the highest decline seen by Transelectrica (TEL.RO), of 2.47%, while Transgaz (TGN.RO) and SNP Petrom (SNP.RO) fell 0.94% and 0.26%, respectively.
The bourse’s overall traded value stood at RON14.64 million (EUR3.24 million), lower from Monday’s RON18 million. Share trades amounted to RON12.47 million (EUR2.76 million).
Fondul Proprietatea was top-traded issuer on the main market with share trades worth RON2.25 million. SNP Petrom followed with share transactions of RON2 million, while transaction with Erste Bank (EBS.RO) stock amounted to RON1.78 million. (EUR1=RON4.5186)