Romania's stock market up 30 percent in two days

European stock markets made a strong recovery this week and gained more than 10 percent in only two days, while the quotations of the Bucharest Stock Exchange (BVB) surged 30 percent on Monday and Tuesday, reviving investors' hope.

The shares of major companies listed on BVB increased close to the maximum 15 percent threshold, while financial investment companies (SIF) remained without sellers.

The quotation of BRD-Groupe Societe Generale, the second-largest lender on the local market, increased 14.7 percent, following the posting of outstanding profit.

Shares of Romania's largest company, oil giant Petrom, rose 14.3 percent, while those of the second-largest oil company, Rompetrol Rafinare, increased 14.8 percent. SIFs also had their shares up 14.5 percent. In fact, most listed companies registered growth above 10 percent.

Nevertheless, brokers are cautious. "This growth means nothing. We have to see the impact on the Real economy, because blockage of the banking system means blockage of economies," said the Deputy General Manager of IFB Finwest, Octavian Molnar.

Business Standard