Without reaching the previous records in 2004, the Stock Exchange had qualities worthy of the greatest world rings. Even though, the market efficiency remained in the exceptional area. The Stock Exchange shows all the things the economy and its leaders are capable of.
The companies quoted at the Bucharest Stock Exchange (BVB) have ended last year with a market quotation of more than 15.3 billion euros, 64% more than in 2004. This is the maximum value that the SE has been allowed to emphasize after almost two years since the initiation of the "A Strong Market" Government Program.
THE STOCK EXCHANGE UNIFICATION There are two great successes of the program: the initiation of the unique SE, by the absorption of the Rasdaq SE, and the increase of the maximum number of shares owned at a FIC (Financial Investment Company) by an investor. 2004 meant increases of 100%, and the 51% increase of the BET coefficient last year is still exceptional, especially if one takes into account all the ups and downs recorded.
The accuracy with which the SE reveals the reality of the Romanian economy is also maximum, even when it refers to its lacks. After some initial public offers for several shares, only three new companies have been quoted, and they are rather small. Even so, we finally have a company of IT&C equipments (Flamingo) listed at the SE as well as a brokerage company (Broker SA). "The great listings regarding the state companies are still to come, even though the first of them should have appeared in 2005", Razvan Pasol, general director of the Intercapital Invest brokerage company, observes and he adds that the "frequent modification of the Fiscal Code and the lack of interest of the Government members in the stabilization of the market" is also a bad thing for the SE. The transactions with the Transelectrica shares are expected to appear in the spring