Analysts speak of effects of state moves on Stock Exchange

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The Romanian authorities are searching for solutions to protect the domestic capital market from the effects of the global financial crisis. Thus, the executives of the National Securities Commission (CNVM) announced they would meet the representatives of the Bucharest and Sibiu Stock Exchanges in order to find ways to improve the functioning of the capital market, while Finances Minister Varujan Vosganian said he wants to put forward a tax measure plan meant to stimulate the capital market.
 
“A meeting with the officials of the Bucharest Stock Exchange and the Sibiu Money and Financial Stock Exchange Sibex takes place on Monday, and we wish the meeting to be also attended by the Central Depository so as to try to find joint measures that should be adopted in the period ahead.
 
We want to see exactly what the market authority , the market operators and intermediaries can do”, CNVM president Gabriela Anghelache said.
CNVM vice president Paul Miclaus, speaking from the United States, said he would propose that the 0.08% fee on the capital market transactions be abandoned, with the measure being aimed to encourage the domestic capital market.
 
The players in the Romanian capital market believe the drop of such a fee would have important effects on the investors. “It is a very pleasant surprise. This measure will cut the operation costs in the capital market significantly”, Bucharest Stock Exchange (BVB) president and managing director Stere Farmache told a local television station.
 
“Any move meant to back the investors is a good action, but it will not solve too many things.
Romania is an emergent market, included in the high-risk markets category, so I do not see what changes might bring now the fact the investors will no longer have to pay gain tax, for instance.
This is not a bad thing, but I do not think this is a measure capable of re-launching the market”, said BRD Securities brokerage company’s managing director Daniel Pocorea.
 
The exemption from the payment of capital gain tax should be enacted for at least two years in order to have effect, the brokers say.
Some of the main investors in the domestic capital market argue that the moves meant to stimulate the investors can only have a positive impact, even though such impact will not be significant at present. However, everything for the Romanian stock exchange will depend on the rescue plans made in the developed markets, they add.
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