Bucharest Stocks Continue Upward Trend, BET-C At 3-Month High
The Bucharest bourse shook off a slow start and ended up almost 2% Friday, and the composite index touched a three-month peak, despite a weakening trend on the international markets after lower-than-expected data from the U.S. economy.
The local bourse opened slightly lower but gradually gained thrust and ended on a strong note, overcoming a minor setback some 45 minutes before closing bell, following the announcement of U.S. gross domestic product data. The U.S. economy rose 2.8% in the final quarter of 2011, after a 1.8% growth in the third quarter. However, the increase was lower than analysts’ expectations of 3%.
As a result, European markets were losing up to 1%, while the Dow Jones Industrial Average traded down 0.4%.
However, the Bucharest stock exchange’s BET index gained 1.9%, while the composite index BET-C rose by a similar figure to end at the highest point in three months.
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