English
• Trades with BSE shares accounted for more than one third of yesterday"s liquidity
Around 4.8% of the share capital of the Bucharest Stock Exchange was traded yesterday, on the first day after the self-listing of the BSE. Price of the 382,205 shares of the BSE yesterday fluctuated between 24.3 lei and 33.9 lei/share, putting the with the market capitalization of the BSE standing around 188 million lei (approximately 44.5 million Euros), according to the closing price of 24.5 lei/share.
Analysts consider that the appetite of investors for the shares of the BSE is not surprising, given the absence of IPO"s, but estimates that turnover is unlikely to be as big as it was in yesterday from now on.
"It was to be expected that we would see a higher trading volume on the stocks of the BSE given the current market circumstances and the shareholder structure of the Stock Exchange", said Florin Ilie, the head of the analysis department of ING Bank, who added: "We need to take into account the fact that the listing of the Bucharest Stock Exchange is the second one to take place this year and that the brokerage firms who are the shareholders of the Bucharest stock exchange need to optimize their revenues in this rather difficult period. Usually on the first days of a listing, we see an unusual trading volume, so it is not surprising that yesterday almost 5% of the share capital of the Stock Exchange was transferred".
The Bucharest Stock Exchange holds the 19th spot in terms of capitalization, below "Banca Comercială Carpatica" (BCC) and above "Biofarm". Far above the Stock Exchange in terms of capitalization, are the five SIFs, whose market capitalizations range between 143 million Euros and 99 million Euros, as well as "Banca Transilvania" and "BRD Groupe Societe Generale".
"The Bucharest stock Exchange is small, and this proves it one again. The capitalization of the exchange directly depends on its revenues, which come from the fees it levies on each trade. Given the fact that the average daily turnover is 6 to 8 million Euros, it would be abnormal for its capitalization to be greater than that", said Florin Ilie.
In his opinion, what is important in the near future is to determine the size of the free-float of the BSE: "Within two months at the latest, we will see the size of the free-float of the Bucharest Stock Exchange...I expect it will be rather small, given the fact many investors may treat the shares of the Bucharest Stock Exchange as a strategic or medium term investment (over a year)".
• Cristian Sima: "I bought 30,000 shares at prices ranging between 24.5 lei and 25 lei/share"
Cristian Sima, the head of brokerage firm "WBS Romania", said for BURSA, that together with the customers of his brokerage firm (WBS), he bought 30,000 BSE shares, at prices ranging from 24.5 lei and 25 lei/share and that he intends to buy more.
"I want to buy back my 60,000 shares that I sold to Morgan Stanley at 160 lei/share and the 50,000 shares I sold for 31 lei/share, before its last General Shareholder Meeting".
It is well known among investors that brokerage firm WBS sold shares in the BSE over the last two years at prices ranging from 160 lei to 31 lei.
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Ludwik Sobolewski, the chairman of the Warsaw Stock Exchange, an institution which in the past expressed interest in the Romanian capital market, commented on the timing of the listing of the BSE: "All interesting companies can try to get listed at this point in time and I believe the Bucharest Stock Exchange is one such business. Still I am not aware of the level of interest for the companies listed among local investors, and this interest has not been tested since no IPO took place".
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