The Bucharest Stock Exchange has lost almost 2 billion euros of its capitalisation in the last three trading sessions, whilst the RON lost around 1.5% against the euro, coming close to this year's low registered in September.
The main indicators of the Bucharest Stock Exchange (BSE) lost 4% to 5% over the last three trading sessions due to dwindling liquidity, given that the international markets were hit by corrections again. Brokers say that the situation on the foreign markets is still not clear and are reluctant to offer forecasts for the coming period.
SIFs were the main losers yesterday, with an average decline of 2.4%, while the BET index of the ten most liquid companies on the BSE lost 0.57% after registering a heavier decline during Friday's session.
The decline on the Bucharest Stock Exchange comes at a time when the indices of the US stock markets have witnessed significant drops, of more than 2.5% on Friday and the main indicators of the leading European banks shed 1.2% to 2% yesterday. The Asian markets were not free of corrections, either, with the Tokyo Stock Exchange losing more than 2.2%.
The new corrections were caused by the statements made by the finance ministers and by the governors of the central banks in G7. They said that increased lending costs, record high oil prices and the real estate sector crisis would slow down the economic growth of the United States of America.
"The situation of the foreign markets is not clear yet. Over the past few years, the most important performers on these markets have been hedge funds and investment banks, some rather opaque institutions, whose movements not well known. They often make sudden moves that send ripples throughout the market. As long as the situation on the foreign markets remains unclear, I think we will also continue to witness significant fluctuations on the Bu