SIFs load up on stocks amid Stock Exchange decline

After having mostly kept themselves away from the Stock Exchange and the market correction and rebound in 2009, the financial investment companies (SIFs) have this year become more active on the market, sealing almost daily purchases in several listed companies as soon as their prices started plummeting. Thus, in the past three trading sessions alone, SIFs have bought shares worth 1.8m RON (450,000 euros). They have been mainly attracted by the stock of Biofarm Bucuresti (BIO), but also by banking stocks, BRD or Banca Transilvania (TLV) or by the stock of Broker Cluj brokerage (BRK). The shares of these companies have lost between 15% and 20% in the past week alone. SIF Muntenia has operated some of the biggest acquisitions during this period, buying more than 2.3 million shares of Broker Cluj brokerage on the market, accounting for almost 0.8% in the company’s capital for 600,000 RON (143,000 euros). The five SIFs have lost almost a quarter of their value since the start of the year.