* Average daily turnover of over one million lei

* The trades amounted to 13.5% of the equity of SIF3 and analysts say they are the result of the good bi-annual earnings

Shares of SIF "Transilvania" (SIF3) were the most heavily traded in the three summer months. Over 147,309,234 shares were exchanged between June 1st and August 29th, representing 13.49% of the company's share capital.

The analysts say that the major interest in trading comes from the good earnings the company posted in the first semester.

This summer, 77,383,418 shares of SIF4 "Muntenia" were traded (9.59% of the share capital), 61,149,036 shares of SIF5 "Oltenia" (10.54% of the share capital), 35,058,857 shares of SIF2 "Moldova" (6.75% of the share capital) and 29,090,847 shares of SIF1 Banat-Crişana (5.3% of the share capital).

In the last three months, the biggest rise was seen by SIF "Banat-Crişana" (+40%), followed by SIF5 (+36.81%), and SIF3 (+26.75%).

Since June 1st, SIF2 has risen 26.02%, whereas the price of SIF4 fell 5.07%.

* Simion Tihon, "Prime Transaction": In the last 60 trading days, SIF3 had an average daily turnover of more than 1 million lei

Even though it is hard to talk about high volumes, over the last three months, SIF3 and SIF5 have indeed seen trading volumes which exceeded 10% of their share capital, said Simion Tihon, broker at "Prime Transaction".

He said: "I think that the hike of the holding limit from 1% to 5% continues to have an effect. Over the last 560 sessions, SIF3 had an average daily liquidity of more than 1 million lei, being the most heavily traded SIF. The earnings it saw in the first semester, as well as the discount it had been trading at after the ex-dividend date have polarized interest in SIF3.

At SIF < Oltenia >, I think it is really important that they have not yet sold their stake in BCR, an