SIFs (Financial Investment Companies) have lost 46% of theirvalue in less than two months and all stock exchange indexes haveplunged since the beginning of the year. Brokers say they were toooptimistic when they expected an exit from the crisis and over 20%rises at the beginning of the year.
The Bucharest Stock Exchange's leading BET index has lost over 23%this month, whilst financial companies, whose performance ismeasured by BET-FI, has fallen by over 36% against the last quotein April. Declines recorded in May were almost as steep as those ofSeptember-October 2008, when the bankruptcy of Lehman Brothersinvestment bank led to a collapse of stock exchanges across theworld. Then investment funds had to liquidate their portfolios wheninvestors redeemed their shares.
"This is not just a stock exchange correction, it is a medium-termdecline. Investors' outlook has changed. A year ago they wereoptimistic about exiting the crisis, but the latest events on theforeign markets suggest it will be a while until all problems areresolved. And considering that the stock exchange has up until nowanticipated an exit from the crisis, and now we see it has been putoff, a trend reversal has occurred on the market," explained RazvanPasol, general manager of Intercapital Invest brokerage firm.
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