Bucharest Stock Exchange index drops 5% on Monday, bounces back today

The Bucharest Stock Exchange – BVB’s main index (BET) ended the trading session on Monday with a 5.07% drop compared to Friday, as the turbulences in the international markets and the steep drop in oil prices have prompted investors to sell their shares. On Tuesday morning, the market bounced back and the index gained 2.2% on the Monday closing value (as of 10:55 AM). The shares of OMV Petrom (SNP), the most valuable local listed company, went down by as much as 7.75% on Monday, closing the day at their lowest level since July 2009. The company’s shares have been strongly impacted by the crude oil price evolution. OMV Petrom’s shares have lost 39% of their value in the past six months, the biggest drop recorded by any local blue-chip stock during this period. The BET index went down by 20.7% in the same period. All of the blue-chip shares included in the BET recorded significant losses on Monday. Gas producer Romgaz’ shares dropped by 5.5% as did power producer Nuclearlectrica’s stock price. Electricity distributor Electrica (EL) also saw its shares down by over 5% and Banca Transilvania lost almost 5% of its value. The shares of Fondul Proprietatea, Romania’s biggest investment fund, had the lowest drop of 3.3%. Most to the blue-chip shares went up on Monday morning, recovering some of the previous day’s losses. However, OMV Petrom’s shares remained almost flat. Find updated data on the evolution of Romanian shares listed on BVB here. editor@romania-insider.com