Most companies on the Stock Exchange see business picking up in 2010

Over 80% of major companies listed on the Bucharest Stock Exchange that have published 2010 budgets expect their turnover to pick up after most of them saw significant decline amid the financial crisis last year. As estimates show, the rebound will be significant, even though 2007 levels are still difficult to match. Energy, iron and steel, construction, chemical or pharmaceutical companies are banking on two-digit turnover increases this year, after reporting declines in a row last year. While nobody expects to entirely offset last year’s drop, budgets are generally upbeat and are pointing to increases not only in terms of turnover, but also in terms of production volumes and sales, with the rebound generated not only by price hikes, but also by a demand recovery. “Last year was marked by a deep confidence crisis and this made 2009 much weaker than 2008 in terms of business. The 2009 decline also had an artificial component generated by the fact that panic delayed investments. This year, the tone is more relaxed than last year, people are talking about when the decline is to be offset and this is why there’s also a positive psychological component to be found in budgets,” explains Mihai Caruntu, head of BCR’s capital market research department.