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Brokers say stock market boom is not crisis endUpdated: 09-09-2008 |
Quotations on European and Asian stock markets rose 4-5 percent yesterday, boosting the shares on the local market up to 10 percent, after the U.S. government decided to nationalize financial giants Freddie Mae and Fannie Mac.
Investors hope the U.S. banking system will revive after losing billions of dollars.
Locally, shares of financial investment companies (SIF) registered the highest increase, an average seven percent, with SIF Oltenia posting a record 10 percent hike.
However, brokers say this is not a signal that Bucharest Stock Exchange (BVB) is entering an ascending path. "On the foreign markets, fundamental issues are still there. The global economy is weaken, given some of Europe's largest economies are declining," said brokerage company UniCredit CAIB Securities Romania's Manager, Liviu Giugiumica.
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