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State comes to stock market rescue, amid historic BVB growthUpdated: 22-09-2008 |
Bucharest Stock Exchange (BVB) registered record growth on Friday, similar to other capital markets, due to plans announced by the U.S. authorities to rescue financial markets.
Local authorities also have a plan to revive the local capital market, by annulling taxes for capital gains owned by investors and reducing fees paid to the National Securities Commission (CNVM), market sources said.
CNVM officials are to meet representatives of Bucharest and Sibiu bourses to seek solutions for the stock markets.
The rescue plan comes amid historic growth on BVB, where most significant listed companies, including financial investment companies (SIF), BRD Groupe Societe Generale, and utility companies Transgaz and Transelectrica increased more than 14 percent. The BET-FI index of financial investment companies rose a staggering 14.5 percent, the highest increase since its launch.
However, this growth comes after several days of severe decline, as SIFs lost an average 25 percent from Monday to Thursday.
Business Standard
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