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Gheorghe Ciubotaru, Electroalfa
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  Exclusive    Bucharest Stock Exchange starts slow with Prodplast, Property Fund and Oltchim announcing changes

March 2012

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Today the Romanian markets started lower, affected by the negative sentiment in the capital markets in respect to a solution to the bond swap deal  between creditors and the Greek state. Weighing on this, were fears that Greece might trigger the action clause collective which will imply a credit event with catastrophically implication for the financial sector.
At mid-day the indices at Bucharest Stock Exchange recovered a little and were:
 BET at -0,86%
 BET-FI at -0,82%

Other news impacting the Romanian stock markets:
- Prodplast SA (PPL) was reported of buying over 800.000 shares of SIF Oltenia (SIF5) in the last three days with a total value around EUR 260.000
- Property Fund (FP) announced yesterday that they've selected Citigroup Global Markets Limited as the exclusive intermediary to facilitate possible transactions of several unlisted Romanian power and gas distribution and supply companies held by Property Fund portfolio (EON Moldova Distribution, EON Gas Distribution, EON Energy Romania, ENEL Distribution Muntenia, ENEL Energy Muntenia, GDF Suez Energy  among others). The total value of this holdings being EUR 527.6 million or approximately 15% of the Property Fund Net Asset Value.
- Oltchim (OLT) announced they've approved the resignation of the President of the Board Constantin Dascalu and was replaced by the Magyar Democrat Party politician Karoly Borbely
The daily graphic of BET index shows that it reached a resistance line around 5.350 points, exactly where it was the previous down break. The MACD indicator being very high and just turning down implies some kind of correction is ahead.

The international markets entered into a corrective phase after an impressive uptrend which started at the end of November 2011 with average gains of 15% on the popular indexes like the American Dow Jones or German DAX.
At the end of this week it will be released the employment situation in USA for the month of February, in which traders and investors will find out how many new jobs have been created and what is the latest figure for the unemployment rate. This is the most awaited monthly economic figure on the capital markets. Depending on its outcome the release instantly moves the Bond Markets, Commodities, US Dollar Index, Equity Markets and inflation expectations.
Also on Thursday night it will be released in China the latest inflation figure for the month of February. Expectations in the markets are for a cooling down of price pressure in the Chinese economy to a 3.6% change year over year of the Consumer Price Index.

This info is provided by Vasile Szakacs, Head Analyst and owner of www.consultantabursa.ro



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