At around 10:31 local time (GMT0731), the Bucharest market’s BET index was down 1.66% from Monday’s closing value, while the composite index BET-C was falling 1.21%.
BET-FI was down 2.03%, as Fondul Proprietatea traded down 4.9%. Four of the five regional investment funds, or SIFs, were in negative territory, with only SIF Muntenia (SIF4.RO) staying in green, with its shares up a mere 0.07%.
Proprietatea shares were especially hurt by the announcement of Hidroelectrica’s request for insolvency. The fund owns 20% of the hydropower producer’s shares, and the start of insolvency proceedings at Hidroelectrica would cut Fondul Proprietatea’s net assets by 21%.
The extended blue-chip index was down 1.39%, but energy stocks tracker BET-NG inched up 0.02%.
Banca Transilvania (TLV.RO) was down 3.3%, Oltchim (OLT.RO) was falling 4.1%, while Transelectrica (TEL.RO) slided 0.6%.
The bourse’s overall traded value was 2.5 million lei (EUR0.56 million) at around 10:31, with Proprietatea trades amounting to RON2.1 million. (EUR1=RON4.464)