The Stock Exchange rebounded yesterday, when it witnessed a 3%increase of the BET index, amid an extremely volatile session,during which the indices even plunged at some point.
The SIFs (financial investment companies) rose by 3.7% on theaverage, after having gone down by almost 5% in the first part ofthe day and having lost 7.9% the day before. The traded volumeswere significant, exceeding 12 million euros in the case ofshares.
Brokers say portfolio investors continued to sell at thebeginning of the session, but the optimism induced by the reboundof the foreign stock markets brought buyers back.
"Today (yesterday i.e.) some issuers were completely unbalancedin terms of supply and demand. As soon as a few significant buyorders came, sellers would topple the market. Still, the market mayrebound over the coming period," says Marcel Murgoci, tradingmanager of EstInvest brokerage firm.
Non-resident individuals, who are usually represented byinvestment funds, took out 6.7 million euros from the BucharestStock Exchange in April, which overlapped with the first declinesof the market this year. The SIFs have plummeted since then, bymore than 30% in six weeks, and as such were among the worst hit onthe market.
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