Analysts and brokers on the market expect the Stock Exchange tofeel the internal and external challenging macroeconomic contextduring the following months, advising investors to take shelter instocks of defensive fields or position themselves on liquid stocksthat can offer them rapid exits in case market declines deepen. Onthe other hand, stock valuation indicators are now much moreappealing compared with one month ago, in the context where priceshave fallen and profits registered a slightly upward trend in thefirst quarter. Thus, the overall Bucharest Stock Exchange P/E slidto a level of 10.8 in late May, after having hit 20 in April, closeto 2007 peaks. Valued at the level of accounting assets, companieslisted on the BSE still seem cheap, with stock prices generallybelow their accounting value. Adrian Danciu, head of the researchdepartment of Broker Cluj, believes investors should focus oncompanies benefiting from inelastic demand, such as those in thefood or pharmaceutical sectors.
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