market Comment
The market recorded a small correction with BET loosing 0.66% mainly triggered by c2% on avg. correction in the banking sector while other large caps remained flat. BET-FI lost a mere 0.10% with most SIFs remaining flat. Volume was very low at RON15.2m (EUR3.7m), while bond trades have intensified volumes at RON5.8m (EUR1.42m). Investors turned interest on rather small stocks like AMO and AZO that posted daily avg. gains of c14%. ATB also hiked impressively by c7% on high volumes, while its local peer Biofarm(BIO) showed a flimsy positive closing at 0.47%.
World Markets
Main indices (table)
FX/Commodities/Rates (table)
Bucharest Stock exchange
| Local indices | Last close | Day % | YTD % | YoY % |
| BET | 5,501.53 | -0.66% | 17.29% | 180.04% |
| BET - C | 3,171.00 | -0.25% | 16.81% | 149.71% |
| BET - FI | 29,504.53 | -0.10% | 23.52% | 242.39% |
| ROTX* | 10,975.41 | -0.63% | 13.44% | 209.60% |
* ROTX - Romanian Traded index supported BSE and Wiener Borse
| market Digest - BSE | Daily | 30D avg | YTD avg |
| Turnover (in RONm) | 15.2 | 37.4 | 29.8 |
| Turnover (in EURm*) | 3.7 | 9.1 | 7.3 |
| Volume (in shares) | 62.3 | 207.7 | 126.3 |
| Total market cap (in RON bn) | 89.4 | 86.3 | 86.8 |
| Total market cap (in EUR bn*) | 21.8 | 21.0 | 21.2 |
* translated in last EURRON parity
| market Valuation Data (BET) | FY08A | FY09E | FY10E |
| P/E (x) | 10.8 | 16.4 | 11.7 |
| EV/EBITDA (x) | 6.2 | 6.4 | 6.5 |
| P/BV (x) | 1.9 | 1.5 | 1.4 |
| EPS growth | 34.9% | -34.3% | 9.0% |
| Div. Yield | 3.8% | 3.5% | 4.4% |
BET / BET-C / BET-FI (charts)
Major Corporate & Economic events (table)
Most Traded / Best 6 performers / Worst 6 performers (table)
BET and BET-FI constituents (table)
Top news and headlines
SIF Muntenia Bucuresti (SIF4, SIF4.BX. SIF4.RO): SIF Muntenia proposed FY09 gross dividend of RON0.04/share, flat YOY. Based on last closing price the net dividend yield stands at 3.95%. The proposal is subject for approval on the SGA of 29 April; the reference date is 30 March, while the registration date is May 17. (Source: BSE)
IMF remains confident Romania will fulfill all requirements for the April-May due evaluation. Tonny Lybek, IMF representative for Romania and Bulgaria, has recently stated that IMF remains confident that Romania will fulfill all the required criteria for the next evaluation, due in April-May this year. Nonetheless, so far, Romania has fulfilled all targets, except the ones related to the budget arrears. Moreover, the IMF representative expects the unemployment to continue hiking in the couple of next months, but also stressed that it is also expected Romania GDP growth to turn positive, which will somehow ease, or at list stabilize unemployment. At the same time, IMF maintains Romania’s FY10(E) GDP growth at 1.3% YOY, triggered mainly by exports and maintaining a somewhat delay in what regards consumption and particularly construction sector, which had instead a significant performance before the crisis start. Currently, Romania also has the possibility to request a new agreement, a precautionary-type one, which in particular means that the country can make use only of a part of the money stipulated in the agreement, albeit similar economic commitments are established. Romania signed a two year SBA financing agreement with IMF worth EUR12.95bn, while the entire external financial aid, including also EU, World Bank and EBRD will reach EUR19.95bn. (Source: Bursa)
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2010.03.10 Romania Daily.pdf, 199 Kb
