Financial investment companies pass 20,000-point level

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BET-FI index of the Financial Investment Companies (SIF) passed the psychological 20,000-point level late on Thursday, after the stock of the five SIFs recorded an average 5.8 percent rise.

It is for the first time in 10 months that BET-FI climbs above 20,000 points, after having risen more than 60 percent since the beginning of the year.
Nevertheless, brokers believe it takes several sessions in which the index should keep this level before one can speak of a market-wide support threshold, as passing the 20,000-point notch is seen as a mere psychological mark for the moment, the Ziarul financiar daily writes.

‘We can say the SIFs have passed a psychological mark, as the investors pay more attention to the evolution of the financial companies.
However, it takes several sessions in which BET-FI should develop above this level, so that it may confirm that it has turned into a support level. For the moment, we have an unconfirmed upward trend.

After the period of reports, if the SIFs keep above this level, we can say a support level has been established’, the daily quotes Carpatica Invest broker Dorin Masca as saying.

The SIFs have grown vigorously over the last days mainly due to the rises recorded by BRD and Banca Transilvania bank stock, given the SIFs hold major stakes in the two banks.

The banks have seen their shares going up between 20 and 30 percent in the last month. The financial companies were up more than 22 percent over the same period.

‘The financial companies have recorded a very good development lately, particularly due to the results posted by the banks, that were above the investors’ expectations.
It is possible to further witness rises of the BET-FI index as proved by the increased trading volumes relating the five companies’, the Ziarul financiar quotes Masca as saying.

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