Spectacular rise in Sibex liquidity at start of Friday’s trading

The start of Friday’s trading at Sibiu Monetary Financial and Commodities Exchange (Sibex) was spectacular, with liquidity having increased very fast. Thus, in less than one hour, trading exceeded 50% of the volume recorded on Thursday, reads a Sibex release.

After half on hour of trading, the number of contracts signed stood at almost 1,700, and their value exceeded 12 million lei. Thus, in less than one hour, trading exceeded 50% of the volume recorded in the entire previous day.
The most important foreign factors whose influence has been felt since Thursday are the G20 Summit in Seoul and Cisco Inc’s posting below-forecast results, a situation that pushed down the shares of the technical companies on the world’s markets.

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As to the G20 Summit, the leaders of the group of the world’s major economies agreed to abstain from competitive devaluation in currencies and the joint declaration indicates the fact they agreed towards exchange rates established by the market.
Due to these pieces of news, Dow Jones index continues to decline on the US futures market and Sibex quotations correlate with this, by indicating after 30 minutes, a decrease of 98 points on the December 2010 maturity to 11,120 points, due to a very good volume of 836 contracts.

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Internally, the piece of news reflected directly in the market’s trend is the 0.7% GDP decline versus the previous quarter and the 2.3% GDP decline since the start of the year. Even if the trend versus Q2 was above the expectations of analysts, who estimated bigger contraction, the market’s reaction was negative, with deeper decreases recorded by SIF5 derivatives on the financial segment.

After 30 minutes, DESIF5 December 2010 and DESIF5 March 2011 lost 1.72% each, and DESIF5 June 2011 decreased by 1.76%. DESIF5 volume stood at 650 contracts, says Sibex spokesman Decebal N. Toderita.
Decreases were recorded also on the gold market: the ounce was quoted at 1,382 dollars for December, down 18.1 dollars, with the decrease coming in the context of strengthened US dollar. The total of SIBGOLD_RON contracts in only 30 minutes was very high, exceeding 150.

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