Fund managers are not highlyupbeat with regard to the profits the Stock Exchange is going tobring in 2010, betting more on stocks related to defensive fields,such as energy, utilities and the food sector, which shouldpreserve last year's profits.
The Stock Exchange was by far themost profitable investment in 2009, with investors that bet onstocks such as Rompetrol Rafinare (RRC) or Alumil aluminium trimproducer (ALU) tripling their money, while those who bet on SIFsmade profits of above 100%. Banca Transilvania (TLV) or Erste Bank(EBS) stock also doubled investors' money, though nobody would havedared bet on banks early last year.
SIFs are still the favourites whenit comes to generating returns above the market average, owing tothe legislative draft on raising the stake cap from 1% to 5%, butbanks, with falling profits, are no longer to investors'taste.
Those wanting to know what thefuture surprises on the Stock Exchange might be should particularlylook at what fund managers do. For instance, Active Dinamic, thebest performing mutual fund in 2009, which for the first timegenerated an annual return of 100%, counted on little visiblestocks on the market such as Socot Targu Mures (SCTO), which roseby 270% last year.
Capital market specialists, managing hundreds of million eurosfor clients, expect the positive trend of the Bucharest StockExchange to continue in 2010, but at slower pace than last year.They are again betting on SIFs, as a driver of the market, as wellas on energy stocks.
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