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Jurnalul.ro Vechiul site Old site English Version The Stock Exchange Is in an Extended Lent

The Stock Exchange Is in an Extended Lent

03 Mai 2005   •   00:00

Few of the stocks quoted at the Romanian Stock Exchanges are attractive enough to make the foreign investors to increase the buying pressures. The liberalization of the access to banking deposits, as well the authorities’ inability in administrating the modification of the taxing regime have contributed to the market’s decrease

  • By ADRIAN N. IONESCU
  • CONCERN. The tensed investors follow the decrease in the stocks
    The decrease in the past two months’ quotations is because of the small offer of attractive stocks at the Romanian Stock Exchanges, the brokers say. Their comment is supported by the data from the National Commission for Transferable Securities, according to which, in March, the foreigners sold more than they bought.

    WATCH AT THE DEPOSITS. In March, the ratio between the foreigners’ sales and buying got upside down for the first time this year, the difference being of 13.46 million euros in favor of the sales. However, the sums that entered the market have been greater with 4.2 million euros than the sums that exited the market, which reached 30.1 million euros. For the euro rate, the outs and the ins are less by 53%, and 39% respectively, in March than in February.

    THE NARROW MARKET. Without the promised quotation of the BCR (the Romanian Commercial Bank), CEC (the Romania Loan Bank) and of the energetic companies, the investors’ interest will remain low and the money will go to the banking deposits, say the brokers. With few exceptions, which are rather of conjuncture, the stocks of the already 4 quoted banks, the ones of Petrom and Rompetrol have the main transactions. In March, the sales have gone over the acquisitions with more than 300 billion lei, for the "oil-related" stocks, and with 130 billion lei in the banking sector.

    TAXING. The brokers have obtained one more postponing, until the 1st of June, for the use of the tax on the incomes from the stock exchange, but the fiscal uncertainties still exist. The Stock Exchange’s Lent is as well.

    Translation: SORIN BALAN

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