The shares of the main exporters posted some of the highest increases on the Bucharest Stock Exchange this year, with 11 exporter stocks gaining more than 100% on average in 2009. The overall market index, BET-C rose by more than 29.4% during the same period.

Exporter shares had previously witnessed one of the most serious adjustments on the Stock Exchange, as they were the first hit by the crisis. These companies were among those to have posted the most significant decline in turnovers in the first half.

A possible explanation for the strong rebound of the exporter stocks is the fact that in case of a world economy rebound, exporters are the first to benefit from a favourable context on international markets, on which investors on the Stock Exchange have bet this year.

"It is, of course, hard to pinpoint the individual importance of each element that contributed to the increase of the quote for every company, but the change of the world economy outlook worldwide certainly influences directly the trend of the stock quotes of the companies conducting export operations," explains Adrian Danciu, Broker Cluj analyst.

The companies with the highest share of exports in their turnovers include fertiliser producers Azomures Targu-Mures (AZO) and Amonil Slobozia (AMO), which have gained 100% and 80.6% on the Stock Exchange this year. Exports account for more than 75% of their business.

The shares of spare parts manufacturer Compa Sibiu (CMP), which last year exported almost 80% of its output, rose by 142% on the Stock Exchange in 2009, despite the fact that its first-half business fell 38% and its profit is now close to zero.

Oltchim Ramnicu-Valcea (OLT), which posted 116 million RON losses and 50% business decline in the first six months, generated a 128% yield for stock market investors.

Analysts say that reasons for growth can be fou