The ZF Index, the stock market index calculated by Ziarul Financiar which estimates the medium gain of capital market investors, last week overshot the 2,000 point threshold, double the value seen at the beginning of the year.
Not even the election campaign, which normally causes many capital market players to delay decisions on possible transactions pending the outcome of the elections, could put a stop to the inflow of purchase orders arriving on the market.
"Investors have come to realise that, irrespective of who wins the elections, there will be no radical change in the development of Romanian companies from an economic point of view," said Razvan Pasol, chairman of Intercapital Invest brokerage.
The stock market ended the week with the BET and BET-C indices recording new historical highs, with the end-of-week increases due to BRD stock.
As happened at the beginning of the year when stock prices were half the current value, the market rumours had it that prices were overestimated. The market has doubled since then, especially owing to the fact that investors have started thinking long term.
"Shares are indeed expensive for the current situation of companies, but are not at all so when considering what listed companies can become in five years, for example," said Grigore Chis, a trading manager with SSIF Broker in Cluj-Napoca. He added that the elections would have a medium-term impact on the market only in terms of the fiscal measures taken by the new government.
The leaps on the Romanian market have until now coincided with high values of foreign portfolio investments. Last month saw a new record high in this effect, with net purchases by foreigners of almost 35 million euros.
vlad.nicolaescu@zf.ro ; catalin.ciocan@zf.ro
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