Foreign investors sold €22 mln worth of shares on BVB

Publish date: 07-11-2008
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October brought a record number of sales by foreign investment funds on the Bucharest Stock Exchange (BVB). These investment funds withdrew a total €23 million from the capital market, the highest level since January.

"I believe there were several elements that affected last month's stock market evolution, including fears of recession in several European states and the U.S., and Romania being downgraded [by S&P rating agency], which led to listed companies being subjected to rating changes," said Banca Romana de Dezvoltare (BRD) Securities Deputy General Manager, Tudor Cernica.

October was also a record breaker in terms of decline of quotations - more than 30 percent for top-listed companies and a staggering 56 percent for the financial investment companies (SIF). BVB was even closed three times, after indexes plunged as much as 15 percent in one day.

Acquisitions by foreign investors were close to zero, leading them to withdraw a net €22.2 million. A 2008 record total 141 foreign investors were sellers on BVB. Meanwhile, the value of net acquisitions by Romanian investors rose to €20.3 million, 3.7 times higher than in September, and the highest level in 2008.

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