The blue-chip index at Bucharest Stock Exchange, BET, reached a new historical high on December 8, when it crossed the 15,000-point level for the first time after a 1.36% daily increase. Out of the 20 shares in its BET basket, 19 posted gains.

Thus, BET has registered an advance of 28.9% since the beginning of this year, while BET-TR, an index that also includes the dividends granted by the 20 blue chips, has a return of 36.8% YTD.

The latest rally episode was fueled by the money returned in the market after the latest buyback operated by Fondul Proprietatea.

Separately, the pension funds are pumping part of their subscribers’ contributions, and the options at BVB are limited.

In 2023, the prices at BVB underwent a steady upward rally since the beginning of July – which coincides with the Hidroelectrica IPO, an operation that also left a large amount of money in the market following the pro-rata allocation of shares and the massive oversubscription. Part of the money was gradually invested and not necessarily withdrawn by investors. 

On the other hand, these new record prices have to be in line with fundamentals and macroeconomics, points out Swiss Capital broker Costin Bruma, quoted by Ziarul Financiar.

iulian@romania-insider.com

(Photo source: Inquam Photos/George Calin)