Local brokers are expecting the stock exchange to stabilize in the coming days, while Raiffeisen Capital Management analysts in Vienna believe the markets have not yet reached their lows.
“This has been a positive correction, which is due to occur after the sharp drops of the latest session. I expect that these appreciations will become concrete within a few days of stabilization,” said Marius Trif, General Manager of Carpatica Invest.
According to a Raiffeisen Capital Management report, long-term expectations remain optimistic in the emerging market region, in spite of recent drops on the market. “Long-term perspectives for emerging markets remain positive. New infusions of capital can be expected in 2009, after significant exits in 2008, estimated at $50 billion, of equities on global emerging markets,” said Raiffeisen analysts.
Further drops on stock exchanges are expected in the first half of 2009. “The chances of a drop on markets are due to economic depreciation, with a peak before mid-2009, although a rebounding of the real estate market is not expected,” said Ingrid Szeiler, Head of Asset Allocation of Raiffeisen Capital Management.
BVB rose 3.5 percent yesterday, while the BET index appreciated was highest, at 4.4 percent. The financial investment companies (SIF) were the only ones that did not fall in line with the rest of the market, dropping on average by up to 4 percent, closing in the last minutes of trading by over 2.6 percent.
