Bucharest Stock Exchange recoups a large part of October losses

The Bucharest Stock Exchange saw another significant rise yesterday, the fifth session of six in November that saw a rebound, after stock exchange indexes recovered a large part of the losses recorded in October. Shares of SIFs (Financial Investment Companies) went up over 14% in yesterday’s session and reached the highest possible level, so the BET-FI index (which reflects the performance of financial investment companies) gained around 45% against the end of October. This occurred after the SIFs lost 56% on average over the course of last month. The BET index, which reflects the performance of the 10 leading companies listed on the market, also saw a significant rise, by around 5% towards the end of the trading session, and posted a 15% advance on the closing value in October. The BET index had seen a 32% drop in October. The shares of petroleum company Petrom (SNP) gained around 8% yesterday, and over 30% since the beginning of the month, while the shares of BRD-Societe Generale, the main listed bank, advanced 6% yesterday and 20% in the last six sessions. Brokers are still reserved about this rebound, saying that these increases will encourage speculators to sell, which could lead to market corrections.