If an investor had placed an amount evenly distributed in 12 ofthe most liquid and longest enduring shares in the 1st tier of theBucharest Stock Exchange between 1999 and 2002, the value of sharesin the portfolio would have increased more than 38 times by the endof last year and 31 times in real terms, according to a ZF analysisbased on data supplied by Intercapital Invest. With the same amountof money placed in bank deposits at the beginning of 1999, theinvestor would have boosted their fortune only 5.7 times and wouldhave made a 20% loss in real terms because inflation exceeded theamounts offered by banks during the same period.
Results show that even after experiencing the biggest stockexchange crash in the past decades, the Stock Exchange yielded muchmore than other types of investments on long term. One needs toalso consider the sky-high Stock Exchange rises that followed the1998 crash, which some brokers think we will never come by again,because the market has reached a certain level of maturity.
The analysis included shares of Azomureş Târgu-Mureş (AZO),Antibiotice Iaşi (ATB), Alro Slatina (ALR), Banca Transilvania(TLV), Turbomecanica Bucureşti (TBM), the five SIFs, OMV Petrom(SNP) and BRD Societe Generale (BRD), all belonging to the 1st tierof the Stock Exchange.
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