FOCUS: Bad Year For Bucharest Bourse, Recovery Might Be Distant
The Bucharest bourse retuned this year to the level seen in the final quarter of 2009, once again influenced by foreign markets, but brokers expect a comeback in the second half of 2012, as long as authorities remain prudent in an election year and the state‘s public offerings are successful.
After a strong start to the year, with wide increases in January and the floating of liquidity driver Fondul Proprietatea (FP.RO), 2011 looked like a year of consolidation and increased turnover on the Bucharest Stock Exchange.
However, to the dismay of many, 2011 ended a two-year upward streak, where the bourse recovered some of the heavy losses taken during the 2008 and early 2009 crisis.
The market entered a downward slope in April, in line with foreign markets, and it has returned to the levels seen in the final quarter of 2009, struck by the spiraling sovereign debt crisis sweeping across Europe and the US.
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