Erste Bank plummets 7% on BSE on correction in the wake of yesterday's growth

Publish date: 19-08-2008
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Shares of Austrian-based lender Erste Bank (BSE) reduced 7 percent on the Bucharest Stock Exchange (BSE) this morning after falling 3 percent on the Vienna exchange, a correction after yesterday's advance against the market's general slump.

At 12:30 the bank's trading value was 142.50 lei, a 6.86 percent drop and in Vienna it traded at 40.05 euros, a 2.79 percent loss.

Erste Bank closed the trading session on August 18 with significant gain despite the slump on the market, broker with brokerage Broker Cluj, Darie Moldovan said. "Today's sharp fall is caused by yesterday's price, coupled with drops on the international markets," he added.

The stock grew yesterday 2.68 percent after deals before closing which hiked the price to 153 lei.

The capital market in Bucharest closed with the BET-C composite index measuring all listed shares minus investment funds losing 0.62 percent.

This morning all indexes were decreasing more than 1 percent after stocks in the U.S. closed the session with drops.

Erste Bank, the second banking group in Central and Eastern Europe, obtained second quarter net profit of 321 million lei, a 21.6 percent rise over the same period last year. The bank is listed on the stock markets in Vienna, Prague and Bucharest.


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