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SIFs load up on stocks amid Stock Exchange decline

25.05.2010, 21:25 32

After having mostly kept themselves away from the Stock Exchangeand the market correction and rebound in 2009, the financialinvestment companies (SIFs) have this year become more active onthe market, sealing almost daily purchases in several listedcompanies as soon as their prices started plummeting. Thus, in thepast three trading sessions alone, SIFs have bought shares worth1.8m RON (450,000 euros). They have been mainly attracted by thestock of Biofarm Bucuresti (BIO), but also by banking stocks, BRDor Banca Transilvania (TLV) or by the stock of Broker Clujbrokerage (BRK). The shares of these companies have lost between15% and 20% in the past week alone. SIF Muntenia has operated someof the biggest acquisitions during this period, buying more than2.3 million shares of Broker Cluj brokerage on the market,accounting for almost 0.8% in the company's capital for 600,000 RON(143,000 euros). The five SIFs have lost almost a quarter of theirvalue since the start of the year.

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