Bucharest-listed shares opened down around 4%, but soon after recouped part of the early losses and were down just 2% for the first part of the session. However, in the afternoon the decline became more abrupt, with multiple stocks posting losses of more than 10% and the major indexes lost around 8%.
The blue-chip index BET plunged 8.4% to 4,508.71, while the general index BET-C closed down 7.4%, at 2,759.96, the lowest level since May 2010.
BET-FI, the index tracking Fondul Proprietatea (FP.RO) and the five regional investment funds, or SIFs, dropped 8.7% to 18,415.61.
Fondul Proprietatea closed down 5.24% at 0.4501 lei (EUR0.1) a share, after touching an all-time low at RON0.45 earlier in the session. With trades worth RON49 million, Proprietatea was again the most active issuer, accounting for half of the bourse’s total traded value of RON100.3 million (EUR23.6 million).
However, Proprietatea tempered the drop of BET-FI, as the SIFs fell by more than 10% on average.
“In these adverse conditions, there’s no room for analysis. The word of the day is ‘sell’ and maybe later ‘buy.’ There’s no time for further analysis, only for impulsive actions,” Marcel Murgoci, head of operations at brokerage firm Estinvest, told MEDIAFAX.
The extended blue-chip index BET-XT fell 8.9% to 414.71, while energy stocks tracker BET-NG closed at 617.43, down 8.8% on the day.
Aside from Proprietatea fund, BRD-Groupe Societe Generale (BRD.RO) was the most sought after stock. It closed at RON11.22, down 7.3% on the day.
SIF Oltenia (SIF5.RO) posted the smallest decline among the SIFs, of 8.9%, while SIF Transilvania (SIF3.RO) and SIF Banat-Crisana (SIF1.RO) both fell 11.2%.
Banca Transilvania (TLV.RO) shares dropped 12% to RON1.02, while Transgaz saw its stock falling 5.9% to RON181.8. (EUR1=RON4.2442)