Stock Exchange loses half of Romanian buyers

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The number of Romanian individual buyers on the Bucharest Stock Exchange (BVB) fell in August to some 5,500, which represents less than half of the number at the start of the year.
 
“There are many investors who bought last year and have median prices quite high, so they prefer to wait rather their marking their losses”, said Rares Nilas, head of the brokerage house BT Securities.
He adds that in the context in which the banking deposits have started to offer interest rates of over 11% per year, “in Q3 we may see investors re-focusing on the banks’ interest rates”.
Romanians were net buyers on the stock exchange last month, with their purchases having declined to 74.2 million euro, by almost 43 million euro less than in July, whereas their sales situated at 77.8 million euro, which is also a much lower level than usually, Business Standard writes.
 
On the other hand, the foreign investors were in August net buyers, for the second consecutive month, with a balance of 3.2 million euro, close to that in July.
The main shares listed on the stock exchange recorded declines also last month. They lost on average 9%. A month earlier, in July, the market suffered the biggest monthly decline this year, caused by the local investors, the brokers say.
Brokers add that left on the market now are only speculators, who sold from their shares waiting for the market to go down, in order to re-enter more cheaply, whereas those who still have shares in their portfolio are expecting the stock market to recover.
 
“For the time being, the Romanian investors no longer buy, but the 2 days of rise at the start of last week showed they are ready to buy. If on the market one-two bigger investors appear and they start accumulating, Romanians will resume buying”, says Lucian Isac, the head of the brokerage house Estinvest.
He considers “there is tension at the level of investors, but it is not panic. Some of them are losing their patience and leave the market but this is not a tendency on the market”.
 
Last year, there were some 50,000 active investors on the stock exchange, according to official reports, and the monthly number of buyers situated, in general, around 10,000.
This year, the shares listed on BVB suffered significant declines, which reduced the investors’ appetite. Since the start of the year, the main indexes of BVB have fallen more than 40-50%.
The significant declines in the past year have driven away from BVB some 8,000 investors.
Marius Trif, the general manager of Carpatica Invest, says in Ziarul financiar that a longer period is necessary for the outlining of a clear ascending trend for the local investors to return to the market.
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